Why Hire A Tax Attorney If You Are In U.S. Tax Court For IRC Sec. 280E? IRS Tax Audits in the cannabis industry can be quite tricky. We previously wrote a blog on appealing these audits. If you are involved in cannabis and dealing with an IRC Sec. 280E or other tax liability issue with […]
Why Hire A Tax Attorney If You Are In U.S. Tax Court? If you are dealing with a tax liability issue with the IRS and you are unable to reach a satisfactory resolution working with the IRS directly, then you may need to seek relief in the United States Tax Court. The U.S. Tax Court […]
Tools To Help Crypto Currency Traders Prepare Their Tax Returns After years of analyzing data from third parties involved in the cryptocurrency exchanges, the IRS announced in a press release on July 26, 2019 that it has started sending letters to cryptocurrency owners advising them to report their cryptocurrency transactions and pay their taxes. More […]
Could California Finally Get Cannabis Tax Reform? In a previous blog we reported that the California Department of Tax and Fee Administration (CDTFA) which oversees the reporting and collection of taxes for the California cannabis industry after conducting an analysis of statewide market data to determine the average mark-up rate between the wholesale cost and […]
With the proliferation of licensed cannabis businesses sprouting in the State Of California and a growing number of States, a lot of cannabis business will be filing tax returns with the IRS for the first time. But beware, the IRS is well aware that successful cannabis businesses don’t just sprout overnight and now that your […]
Getting Ready For The 2020 Tax Filing Season On January 6, 2020, the Internal Revenue Service (IRS) announced that it will process 2019 tax returns beginning January 27, 2020. April 15th Filing Deadline. The filing deadline to submit 2019 tax returns is Wednesday, April 15, 2020. Since the IRS will begin processing tax returns on […]
Starting In 2020 New Worker Classification Law Takes Effect In California On January 1, 2020, Assembly Bill 5 (AB 5) went into effect and may impact whether your workers are treated as employees or as independent contractors under California law. In 2018, the California Supreme Court adopted “the ABC test” in Dynamex v. Superior Court. […]
Anyone conducting business in cannabis surely knows that under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I controlled substance due to the historical belief that it has a high potential for abuse, no currently accepted medical use in treatment, and lack of accepted safety for use under medical […]
Under Federal law (Controlled Substances Act 21 U.S.C. 801) cannabis is designated as a Schedule I controlled substance due to the historical belief that it has a high potential for abuse, no currently accepted medical use in treatment, and lack of accepted safety for use under medical supervision. The federal penalties for possession of any […]
While the sale of cannabis is legal in California as well as in a growing number of states, cannabis remains a Schedule 1 narcotic under Federal law, the Controlled Substances Act. As such businesses in the cannabis industry are not treated like ordinary businesses. Despite state laws allowing cannabis, it remains illegal on a federal […]
IRS Criminal Investigation Division Releases Its 2019 Annual Report On December 5, 2019 the IRS released the Criminal Investigation Division’s (CI) annual report, highlighting significant successes and criminal enforcement actions taken in fiscal year ending September 30, 2019. In issuing this report IRS Commissioner Chuck Rettig states: “CI is critical to the overall enforcement efforts […]
Top Four Tax Errors That Can Be Costly For Small Businesses When Dealing With The IRS A small business owner often wears many different hats. They might have to wear their boss hat one day, and the employee hat the next. When tax season comes around, it might be their tax hat but even innocently […]
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