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 […]
Just like what happened that people could no longer keep their Swiss bank accounts a secret, international pressure is building to impose regulations on bitcoin and other crypto-currency to be transparent thus forcing taxpayers to report these transactions and pay taxes. Could Investments In Crypto-currency Loose Their Tax Haven Status? The IRS and many foreign […]
If you are an American client of Coinbase and engaged in Bitcoin transactions during 2017, you better hold off on completing your 2017 income tax return until you first check your email as Coinbase has a surprise for you that could cost you more in taxes. Is Bitcoin And Other Crypto-currency the 21st century answer […]
Banks won’t touch you, IRS just wants to tax you and the Feds want to close you down – despite California legalizing marijuana, these are the risks marijuana businesses face every day. Medical marijuana is now legal in 29 states plus the District Of Columbia and recreational marijuana is legal in 8 states plus the […]
The IRS thinks this is the case! That is why the IRS has stepped up its investigation efforts to uncover non-compliant taxpayers just like the IRS successfully did in its investigation of the Swiss banks leading Congress to enact the Foreign Account Tax Compliance Act (“FATCA”). FATCA forces foreign banks to disclose information on U.S. […]
Medical marijuana is now legal in 29 states plus the District Of Columbia and recreational marijuana is legal in 8 states plus the District Of Columbia. In 2000, 70% of Americans believed marijuana should be illegal. Attitudes have since dramatically changed with a complete flip as a 2017 Yahoo News/Marist Poll survey showed that 83% […]
Taxpayers who are seriously behind on their taxes to the IRS are putting their passports in jeopardy! Fixing America’s Surface Transportation Act Under the Fixing America’s Surface Transportation Act (“FAST Act”), signed into law in December 2015, the IRS is required to notify the State Department of taxpayers the IRS has certified as owing a […]
Medical marijuana is now legal in 29 states (including California) plus the District Of Columbia. However, under Federal law marijuana is designated as a Schedule I controlled substance and therefore is illegal under Federal law. Federal Law 21 U.S.C. § 812 known as the Federal Controlled Substances Act (“CSA”) classifies marijuana as a Schedule 1 […]
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