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The IRS and Cannabis – 2021 and Onward: Federal Tax Procedure – Audit, Dispute, Resolution: Part 1
“Preparation time is never wasted time.” Anonymous__________________________________________________________________ Part I – “The IRS Audit Process” is the first of a 3-Part Series on…
The IRS and Cannabis – 2021 and Onward: Federal Tax Procedure – Audit, Dispute, Resolution – Introduction
“Preparation time is never wasted time.” Anonymous__________________________________________________________________ This Introduction precedes a 3-Part Series on “Federal Tax Procedure- Audit, Dispute, Resolution for the…
Federal Tax Deadline Extended to May 17th, 2021 for INDIVIDUALS ONLY (NOT C Corps, Trusts, & Estates)
The IRS announced a change in the deadline for certain federal tax return and payment due dates. Here is what is extended…
Cannabis Taxpayers Find Flaws in New Accounting Method Rules
Reproduced with permission. Published March 04, 2021. Copyright R 2021 The Bureau of National Affairs, Inc. 800-372- 1033. For further use, please…
FORM 8300 (Cash payments received of over $10,000)
Summary In the cannabis industry, due to lack of banking, cash has truly been king. Compliance is critical when receiving large amounts of…
How Auditors “Prove” You Didn’t Pay Your Taxes – Lack of Banking Presents Even More Obstacles in Cannabis Industry
Innocent until proven guilty… NOT. When it comes to paying taxes, auditors have an advantage: you have to prove you filed your…
Federal Tax Filing Deadlines for 2021
An earlier version of this blog had the wrong date for FBAR. It should be April 15, 2021. Please accept our apologies…
Cannabis Rates to Remain the Same on January 1, 2021
Source: CA Department of Tax and Fee Administration Due to new legislation, Assembly Bill 1872 (Stats. 2020, ch. 93), the cannabis excise tax…
A 39-Item Tax and Accounting Year-End Checklist for Your Small Business
Keeping your accounting records up to date all year long is essential for any business so you can see exactly where your…
