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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/
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 […]
Written by Andrew Gradman, Esq This article describes how individuals who call California home (i.e., who are “domiciled” here) can avoid CA income taxation, in favor of a lower-tax state such as Nevada. This article is not legal advice. Every person’s facts are slightly different; minor variations can lead to very different results; and it […]
“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 […]
