IRS providing tax relief for victims of severe winter storms, flooding, and mudslides in California The IRS announced on January 10, 2023 that California storm victims now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. IRS Tax Relief Details The IRS is offering this relief […]
It’s All How About Much You Keep – NFL Player Odell Beckham Taking His 2021 Salary In Bitcoin Ended Up With A Big Loss Towards the end of 2021 Bitcoin was in its last bull run of the year that would result in a record highs around $60,000. Since then Bitcoin and other cryptocurrencies have […]
New Tax Rule Affecting People Who Use Venmo, Paypal Or Other Payment Apps Put On Hold IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K From renting spare rooms and vacation homes to car rides or using a bike…name a service or a craft & handmade item marketplace and […]
Starting January 1, 2024 – Banks & Financial Institutions To Report Beneficial Ownership Information Of Entity Accountholders The Federal government in its efforts to crack down on illicit finance and enhance transparency on September 29, 2022 issued a final ruling establishing a beneficial ownership information reporting requirement, pursuant to the Corporate Transparency Act (CTA). This rule will require […]
California Continues Applying Pressure On Delinquent Taxpayers To Pay Like the Federal government, State governments also enforce collection of taxes. California is unique in the structure of its tax system. Most States operate under a single tax agency. The Federal government uses a single tax agency called the IRS. But California has three tax agencies! […]
What’s New And What To Consider When Filing Your 2022 Income Tax Returns Before you know it, April 18, 2023 (the deadline to file your 2022 Individual Income Tax Return) will be here. We get three extra days because April 15th is a legal holiday in Washington D.C. (Emancipation Day) and the next business day […]
Beginning January 1, 2023, the responsibility for collecting and paying the cannabis excise tax to the California Department of Tax and Fee Administration (CDTFA) shifts from distributors to cannabis retailers. Additionally, given this new responsibility for cannabis retailers, CDTFA is offering a 20% vendor compensation to those qualified cannabis retailers who apply. What Must California Retailers Do […]
The Medical Marijuana and Cannabidiol Research Expansion Act is the first standalone federal marijuana reform law enacted since the adoption of the Controlled Substances Act in 1971. The Act was signed into law by President Joe Biden on December 2, 2022. It had passed the House of Representatives in July 2022 by a strong bipartisan […]
Under the Inflation Reduction Act the IRS is receiving $80 billion in new funding. Speaking at an IRS facility in New Carrollton, Maryland on September 15, 2022, Treasury Secretary Janet Yellen stated that “the Inflation Reduction Act finally provides the funding to transform the IRS into a 21st century agency,” Yellen said. “While all the improvements […]
Starting In 2022, New Tax Rule Affecting People Who Use Venmo, Paypal Or Other Payment Apps. Why Tax Planning Is More Important If You Earn Income From The Gig Economy. From renting spare rooms and vacation homes to car rides or using a bike…name a service or a craft & handmade item marketplace and it’s […]
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