On May 4, 2019 Illinois Governor JB Pritzker (Dem.) and key lawmakers announced that they have agreed on a framework to legalize adult use cannabis in the State of Illinois starting January 1, 2020. The measure would allow adults age 21 and over to legally purchase cannabis for recreational use from licensed dispensaries and create […]
USCIS Issues Policy Guidance Clarifying How Federal Controlled Substances Law Applies to Naturalization Determinations. The United States Citizenship and Immigration Services (“USCIS”) which is a branch of the U.S. Department of Homeland Security issued guidance in the USCIS Policy Manual to clarify that violations of federal controlled substance law, including violations involving marijuana, are generally […]
Top Four Tips For Taxpayers About The Sharing Economy And Taxes From renting spare rooms and vacation homes to car rides or using a bike…name a service and it’s probably available through the sharing economy which is proliferating through many online platforms like Uber, Lyft and Airbnb. Here are four tips you should know about […]
Why Taxpayers Involved In Offshore Accounts, Crypto-Currency Or Cannabis Should Be Filing An Extension For Their 2018 Income Tax Returns. If you did not report your offshore accounts, crypto currency income or cannabis income earned before 2018, you should hold off on filing your 2018 taxes and instead file an extension. An extension is your […]
Guam is a U.S. territory in the Pacific Ocean of just around 165,000 people but it has made huge head-waves by being becoming the second American jurisdiction to legalize the sales of recreational cannabis through a legislature (the first U.S. jurisdiction to do so was the Northern Mariana Islands – click here for our previous […]
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 supervision. This status has prompted banks to prevent […]
Fail To Pay In Enough Tax Withholding And Estimated Tax Payments For 2018? Relief May Be Available To You. The IRS announced additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. At first on January 16, 2019 the […]
Beware 2019 Could Be A Banner Year For IRS Audits Of Cannabis Businesses. We previously reported in our blog that the Trump Administration organized a committee of federal agencies from across the government to combat public support for marijuana and cast state legalization measures in a negative light while attempting to portray the drug as […]
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