As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also includes a...
REVENUE RECOGNITION For 2019, there is a new accounting rule for revenue recognition that applies to non-public companies. In addition, there are other accounting rules for coming years. It is important to know these changes as they will change your accounting and financials. Most banks, lenders,...
The first tax-filing season under the Tax Cuts and Jobs Act (TCJA) was a time of uncertainty for many businesses as they struggled with the implications of the law’s sweeping changes for their bottom lines. With the next filing season on the horizon, you can...
Fall is in the air and that means it’s time to turn your attention to year-end tax planning. While several clear strategies and tactics emerged during the first tax filing season under the Tax Cuts and Jobs Act (TCJA), 2019 and subsequent years bring potential...
If you owe the IRS back taxes, they can revoke or refuse to renew your USA passport. The Fixing America's Surface Transportation (FAST) Act of 2015, the IRS is required to notify the State Department of taxpayers the IRS has certified as owing a "seriously delinquent...
State legal cannabis business are already complicated with current state and local laws in addition to the Federal laws. However, the need for banking is something that continues to plague and severely hurt the commerce of a state legal cannabis business. We feel that the...
The IRS has released the depreciation deduction amounts which are pursuant to Internal Revenue Code (IRC) Section 280F. This code section discusses the depreciation deduction limits for passenger automobiles (including trucks and vans) first placed in service during 2019. For passenger autos acquired before 9/28/17...
California cannabis tax procedures are a little more complex than many of the other states that have legalized cannabis recently. California has designated four categories for people wishing to seek licenses or participate within the marijuana industry. The four categories are: a cultivator, a manufacturer,...