Recently, a Colorado business protested the IRS’ disallowance of their business expenses. The IRS alleges that the taxpayer was a Colorado medical marijuana dispensary to which Section 280E applies, as
Continue Reading Colorado District Court: IRS Enforcement of Section 280E Is Not A Criminal Investigation
Sixth Circuit Acknowledges Some Tax Laws Sanction Tax Avoidance
In a strongly worded opinion that is very favorable for taxpayers who engage in sophisticated tax planning, the Sixth Circuit overturned a Tax Court opinion denying the benefits of a
Continue Reading Sixth Circuit Acknowledges Some Tax Laws Sanction Tax Avoidance
IRS, State Department Move Closer To Implementing Passport Revocation Rules for Tax Delinquents
The Internal Revenue Service is moving forward with implementation of new rules requiring the State Department to deny, or revoke, the U.S. passports of individuals with seriously delinquent federal tax
Continue Reading IRS, State Department Move Closer To Implementing Passport Revocation Rules for Tax Delinquents
IRS Imposes New Reporting Requirements on Certain Micro-Captives
In 2015, the IRS first included micro-captives, or small insurance companies which have elected under section 831(b) to exclude premiums from their income, on its annual dirty dozen list. At
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Managing the Money From Legalized Marijuana: Accounting Tips for the Cannabis Industry
Tax and accounting issues you should not ignore when setting up your cannabis business: