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Have you ever wondered why gains are separated between long-term and short-term when you receive your 1099 at tax time? There is a very good reason for that, and one you might want to consider more carefully when investing. Short-term capital gains are derived if you hold an investment one year or less before disposing […]
The short answer to this question is: of course! As cryptocurrency has become a more popular investment vehicle among younger investors, this is a good question and one that is getting more attention from the IRS. Buying and selling crypto, just like buying and selling a share of Tesla, is taxed as a capital gain. […]
By Rachel Wright, Simon Menkes, & Abraham Finberg- CPAs licensed in California of AB FinWright LLP & 420CPA, and Andrew Gradman, Esq of Andrew Gradman Tax This is Part II of II of our series entitled “Unexpected 280E Dangers in Farm Service Management Arrangements.” This series is intended to educated cannabis business owners, professionals, and […]
By Rachel Wright, Simon Menkes, & Abraham Finberg- CPAs licensed in California of AB FinWright LLP & 420CPA, and Andrew Gradman, Esq of Andrew Gradman Tax This is Part I of II of our series entitled “Unexpected 280E Dangers in Farm Service Management Arrangements.” This series is intended to educated cannabis business owners, professionals, and […]
The American Rescue Plan Act extended the Employee Retention Tax Credit (ERTC) for the third and fourth quarters of 2021. It has also expanded the pool of eligible employers who can take the credit to include businesses started during the pandemic. A Recovery Startup Business (RSB) is a business that was started after February 15, […]
“Preparation time is never wasted time.” Anonymous By Andrew Gradman, Esq. of Gradman Tax (www.gradmantax.com), Simon Menkes CPA, and Rachel Wright CPA of AB FinWright LLP (www.abfinwright.com) and 420CPA (www.420cpa.com). Penalty is not a glamourous word- neither is pain, usually. We attempt to avoid both at all consequences. However, if taxes are one of the inevitables […]
If your business received Paycheck Protection Program (PPP) funds as part of the COVID-19 pandemic and you still have not applied for or received forgiveness, you may be wondering about the deadline and/or next steps. While some banks may be pressuring you to apply for forgiveness right away, or you are feeling stressed because you […]
The Child Tax Credit (CTC) is not new, but it was expanded as part of the American Rescue Plan Act of 2021, and you may be wondering what that means and how it will impact your situation. The biggest takeaway is that instead of waiting until filing your 2021 tax return (in 2022) to take […]
While it seems like a straightforward question, there can sometimes be confusion about what expenses can be deducted from your business for tax purposes and what expenses cannot be. Deductions are critical in helping to lower your tax bill, but knowing what expenses you can deduct is critical to keeping you out of trouble in […]
Part 2 of our article, “The IRS and Cannabis: Audit, Dispute, Resolution” is featured in Marijuana Venture Magazine. Check out the link below for timely information on this important process. Remember- “Preparation time is never wasted time.” Anonymous https://www.marijuanaventure.com/the-irs-and-cannabis-audit-dispute-resolution-2/
