Could cannabis be decriminalized at the federal level? U.S. Senate Democrats have introduced a bill to remove it from the controlled-substances list. If passed, a ban would be lifted, which now prohibits businesses from deducting expenses related to cannabis production in states where the drug is legal. The Cannabis Administration and Opportunity Act would impose […]
Read More Bill introduced to decriminalize cannabisWhen you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how old you are when you take them and what you do with the money. Important: Once you reach a certain age, you must start taking required minimum distributions […]
Read More How to avoid the early withdrawal tax penalty on IRA distributionsStudents and staff at educational institutions, beware. An IRS impersonation scam continues to target schools, including people with “.edu” email addresses. This applies to public, private and nonprofit schools. The suspect emails display the IRS logo and may refer to a “tax refund” in the subject line. The sender then tells recipients that, to claim […]
Read More Students and Staff at Educational Institutions Beware!Today, many companies share research or technology to develop new products. For example, manufacturers might enter into a joint venture to conduct scientific research to design a new medical device. Or a watchdog group might work with a production company to create and distribute a documentary film. How revenue and other payments between the parties […]
Read More How to account for collaborative agreementsMuch improvement is needed at the IRS and the U.S. Treasury Dept. That’s why on July 20th, the U.S. House of Representatives approved adding an extra $1 billion to the revenue agency’s fiscal year 2023 budget. The bill from the House Appropriations Committee would raise IRS funding to $13.6 billion. Some of the increase will […]
Read More House votes to increase IRS funding
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