Keys Audits Cannabis companies are experiencing audits regularly, and non-compliant businesses face years of litigation, significant legal fees, and back taxes. In more extreme cases, significant penalties have been handed out for lack of accuracy, such as in the Alterman-Gibson court case, with a $78,000 accuracy penalty, and the Northern California Small Business Assistants case,…
Keys Income tax: Under Biden’s recent proposal, the top marginal income tax rate would go up to 39.6%, from 37%. That is where it was during President Barack Obama’s administration. Capital gains tax: The proposed capital gains tax increase more or less doubles the rate that high-earners would pay when they sell investments. The current…
Unless you’re a tax nerd, filing your taxes is usually a dull process at best, and a migraine-in-the-making at worst. The #1 reason people hire tax preparation firms is simply that they’ve experienced one too many late nights, lost W-2s, or audits for one lifetime.
Tax audit representation, also called audit defense, is a service in which a tax or legal professional stands in on behalf of a taxpayer…
Keys Proposed New Income Statement Structure: With no set structure for the income statement under current IFRS Standards, companies use different formats to present their results, making it difficult for investors to compare financial performance across companies. Under the proposals, companies would be required to present three new subtotals in their income statement, effectively allocating their income…
Keys Accounting and Reporting Considerations Currently, there is no specific guidance in the U.S. GAAP that addresses the accounting by an entity that obtains a forgivable loan from a government entity. However, due to overwhelming demand for some form of guidance for accounting for PPP loans, the American Institute of Certified Public Accountants, in consultation…
The Qualified Opportunity (QO) Zone program, created by the 2017 Tax Cuts and Jobs Act, incentivizes long-term investment in low income and economically distressed communities by deferring capital gains tax when taxpayers invest those gains into QO Funds.
With the 2021 tax filing season around the corner, here are four new items to consider that could impact your 2020 tax return.
The Internal Revenue Service today urged taxpayers to act now to avoid a tax-time surprise and ensure smooth processing of their 2019 federal tax return.
