Resources

The legal marijuana market has projections of $91 billion by 2027. If you are thinking about jumping onto the marijuana bandwagon but aren’t sure about marijuana tax or what the difference is between marijuana and cannabis tax, read on. We are going to fill you in on federal and state taxes. Plus you’ll know the…

Reports reveal that the IRS is once again ramping up audits on cannabis businesses. After the lull during covid-19, the IRS is on a mission to ensure that cannabis businesses are adhering to the tax codes.  Unfortunately, cannabis companies are subject to more stringent taxation than other businesses and can claim fewer deductions. A lot…

Taxes are one of life’s certainties. Whether you’re a business owner or an individual, if you earn income, you’ll need to pay taxes on it. How much you need to pay can vary considerably based on how well you prepare your tax return. Numerous deductions, exemptions and credits can make your tax bill much more…

The IRS established its Private Debt Collection program in 2016 after Congress passed a federal law that requires the IRS to contract with Private Collection Agencies, or PCAs. The agencies are hired to assist the IRS in collection action with certain outstanding, inactive tax debts on the government’s behalf. Read on to learn more about…

Let’s face it; no one likes receiving a notice in the mail that you owe the IRS money on an outstanding tax bill. It is scary, especially if you aren’t sure how to proceed. The last thing you want is for the IRS to garnish your wages or take your house to cover your debt….

Let’s face it; it can be tempting to throw away any IRS notices received in the mail simply because we aren’t sure what to do with them or because we want the problems to disappear. Unfortunately, ignoring IRS tax notices can only lead to penalties and expensive fees if you continue to bury those notices…

Did you know that last year, the IRS rejected about 3.4 million tax returns that were filed electronically? In many of those cases, the return wasn’t rejected because of fraud or some major problem. The issue was simply that the filer had entered the wrong AGI for the previous year’s income tax return. An incorrect…

Have you received a Notice of Intent to Levy, and you are unsure of the next steps? If you have unresolved tax issues and keep receiving letters from the IRS, you aren’t alone. In 2019, the Internal Revenue Service issued 780,000 notices of levy to settle unpaid tax balances. If you currently face an IRS…

In 2021, cannabis-related legislature has been passing in numerous states, including conservative states like South Dakota, Mississippi and Montana. In fact, more states have legalized marijuana for either medicinal or recreational use than states that have not. With states rapidly approving marijuana legislature, cannabis sales are quickly becoming a large component of the American economy....