Taxpayers with undisclosed foreign assets are urged to come forward before the Offshore Voluntary Disclosure Program (“OVDP”) closes September 28, 2018. The IRS announced on March 13, 2018 that it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (“OVDP”) and close the program on September 28, 2018. In a statement made by […]
U.S. marshals in recent months having confiscated over 2,000 bitcoin in conjunction with federal prosecutions has announced the sale of this bitcoin to commence March 19th. Feds Don’t Mine – They Confiscate. When the Federal Government shuts down any illegal operation including cannabis enterprises (which despite State law legalizing cannabis, it is still illegal under […]
Taxpayers have the right to challenge the IRS’s position and be heard. This is one of ten of rights listed in the Taxpayer Bill of Rights, which clearly outlines the fundamental rights of every taxpayer. The IRS Says That Taxpayers Have The Right To: Raise objections. Provide additional documentation in response to formal or proposed […]
According to reports from the Sacramento Bee and Marijuana Business Daily, Lori Ajax, chief of the California Bureau Of Cannabis Control, issued on February 16, 2018 a cease and desist order to Weedmaps.com, an internet company based in Irvine that maps marijuana dispensaries, to immediately stop promoting cannabis businesses that do not have state licenses. […]
The anonymous nature of crypto-currencies creates the possibility for individuals to accumulate wealth that is concealed from tax agencies, creditors and spouses. With all the discussion about the progress IRS is making to get information on crypto-currency transactions and parties to those transactions, query how soon this will be commonplace and routine for divorce attorneys […]
Given the stealth nature of Bitcoin and other crypto-currencies where there is no third party reporting to tax agencies, this could be the 21st century answer to where to hide your money. With a population of just under 60,000 you would not think residents of the Marshall Islands need their own crypto-currency but that is […]
While the United States federal government refuses to make any use of marijuana legal and maintains banking and taxing roadblocks to the cannabis industry despite 29 states plus the District Of Columbia making Medical marijuana legal and 8 states plus the District Of Columbia making recreational marijuana legal, Canada is making huge strides into the […]
Crypto-currency was not well known and confusing for the general public to get comfortable with but with innovations in the industry starting in 2017, crypto-currency is becoming more widely known and accepted as a means to do business. One of those innovations increasing the popularity of crypto-currency is the introduction of a multi-currency wallet that […]
On December 22, 2017, President Trump signed into law the 2017 Tax Cuts And Jobs Act. It’s been a good 30 years since the last time the Internal Revenue Code received such a major update. Among other changes, the new law increases the Standard Deduction For Individuals starting with 2018. But for 2017 tax returns, […]
With the proliferation of licensed cannabis businesses sprouting in the State Of California in 2017, a lot of cannabis business will be filing tax returns with the IRS starting next year. But beware, the IRS is well aware that successful cannabis businesses don’t just sprout overnight and now that your business is on the radar […]
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