Our latest article, What Can Cannabis Do For Montana?, was published in the Cannabis Industry Journal: https://cannabisindustryjournal.com/feature_article/what-can-cannabis-do-for-montana/ When Montana became a territory in 1864, its legislators chose as its motto the Spanish words “Oro Y Plata” which means “Gold and Silver.” Gold and silver discoveries brought people to the new territory in droves, and everyone expected […]
The IRS will begin accepting and processing 2021 tax year returns on Friday, February 12, 2022.Please note FEDERAL INCOME TAX filing deadlines for calendar year taxpayer are as follows for 2021:PARTNERSHIPS AND S CORPS:Returns due on March 15,2022, Extended due date September 15, 2022.Please note that K-1s must be provided by these dates as well.INDIVIDUALS, […]
The Taxpayer Advocate Service is an independent organization within the IRS whose job it is to make sure every taxpayer is treated fairly and that they understand their rights. The Taxpayer Advocate Service offers free guidance for resolving tax problems. There are independent Taxpayer Advocates in each state who can help when a tax issue […]
Each year, the IRS unveils its list of scams that target unsuspecting taxpayers. Below are five of the most common tax scams impacting taxpayers today, as well as tips to not become a victim:Fake Charities are created to exploit natural disasters and other situations such as the current Covid-19 pandemic. Criminals set up fake charities […]
The Cannabis Cultivation Tax in California: Breaking it Down Authors: Simon Menkes, Rachel Wright, and Abraham Finberg (Licensed CPA’s in California)___________________________________________________ California Cannabis Tax Increase and the New Revolt California’s cannabis cultivation tax is set to go up again, and one leading cannabis business owner is staging a revolt. On January 1, 2022, the tax […]
Have you ever wondered what happens if someone never files a tax return? The IRS has the ability to create a return on your behalf called a Substitute for Return or SFR.Generally, unless you are self-employed, it’s easy for the IRS to create a return for you. Employers file Form W-2, which reports your wages […]
Authors: Simon Menkes, Rachel Wright, and Abraham Finberg (Licensed CPA’s in California)___________________________________________________ Welcome to Oklahoma, the Sooner State: In 1889, the federal government opened up the Oklahoma District’s Unassigned Lands on a first-come, first-served basis. Would-be settlers entered the state at the time and date set by the President, and those that arrived at […]
With all the legislative changes related to retirement distributions over the last couple of years, it’s important to have a clear understanding of what to expect for the current year. In particular, it’s critical to know what to expect with Required Minimum Distributions (RMDs) for tax year 2021. RMDs are required distributions investors over a […]
Authors: Simon Menkes, Rachel Wright, and Abraham Finberg (Licensed CPA’s in California)___________________________________________________ When licensed California cannabis cultivators harvest their product, they will pass along the cultivation to tax to a distributor. This tax will eventually be remitted to the California Department of Tax and Fee Administration (CDTFA) by a licensed distributor- sometimes by way of […]
When President Biden signed the American Rescue Plan Act of 2021 in the spring, two refundable payroll tax credits were extended and expanded: the Families First Coronavirus Response Act (FFCRA) and the COBRA Premium Assistance Credit.In 2020, the FFCRA was mandated for all employers with less than 500 employees to provide paid family and sick […]