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You may someday find yourself in a unique tax situation and want to remove any uncertainty of the tax treatment of that situation. In that case, you can request a Private Letter Ruling (PLR) from the Internal Revenue Service. A PLR is a written statement that interprets and applies tax law to your particular facts. […]
If you have recently or not so recently started a business, two things you need to understand is how you will be paid and how taxes will be paid. You may be taxed as a sole proprietorship, partnership, S corporation or C corporation. Understanding the differences is important. A sole proprietorship is an individual engaged […]
The Consolidated Appropriations Act that was signed into law December 27, 2020 includes a temporary provision allowing a 100 percent write-off for business meals from January 1, 2021 through December 31, 2022. The food and beverages must be provided by a restaurant, although they do not need to be consumed on a restaurant’s premises. The […]
It is never fun to receive a letter from IRS, especially one that says you are being assessed penalties due to filing late, paying your taxes late, or understating income on your tax return! In many cases taxpayers are fearful of additional consequences so they just pay what is owed, but it is important to […]
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/
“Preparation time is never wasted time.” Anonymous__________________________________________________________________ Part III – “The Appeals Process” is the third of a 3-Part Series on “Federal Tax Procedure- Audit, Dispute, Resolution for the Cannabis Industry for years 2021 and Onward.” Please subscribe to our newsletter to be notified of future publications in this series, live webinars, and other relevant […]
“Preparation time is never wasted time.” Anonymous__________________________________________________________________ Part II – “Resolution Efforts” is the second of a 3-Part Series on “Federal Tax Procedure- Audit, Dispute, Resolution for the Cannabis Industry for years 2021 and Onward.” Please subscribe to our newsletter to be notified of future publications in this series, live webinars, and other relevant tax […]
“Preparation time is never wasted time.” Anonymous__________________________________________________________________ Part I – “The IRS Audit Process” is the first of a 3-Part Series on “Federal Tax Procedure- Audit, Dispute, Resolution for the Cannabis Industry for years 2021 and Onward.” Please subscribe to our newsletter to be notified of future publications in this series, live webinars, and other […]
“Preparation time is never wasted time.” Anonymous__________________________________________________________________ This Introduction precedes a 3-Part Series on “Federal Tax Procedure- Audit, Dispute, Resolution for the Cannabis Industry for years 2021 and Onward.” Please subscribe to our newsletter to be notified of future publications in this series, live webinars, and other relevant tax topics for the cannabis industry written […]
The IRS announced a change in the deadline for certain federal tax return and payment due dates. Here is what is extended as of this posting (March 19, 2021): 2020 Individual 1040 returns are now due May 17, 2021 2020 Individual 1040 tax payments are now due May 17, 2021 What the Announcement Left Out! […]
