IRS reminder: Final 2024 quarterly estimated tax payment due Jan. 15 WASHINGTON – The Internal Revenue Service today encouraged taxpayers who paid too little tax in 2024 to make a fourth-quarter estimated tax payment on or before Jan. 15, 2025. Income taxes are pay-as-you-go, meaning taxpayers must pay most of their tax throughout the year in which… Read More
IRS reminder to disaster area taxpayers with extensions: All or parts of 14 states, 2 territories need to file 2023 returns by Feb. 3; others have until May 1 WASHINGTON —The Internal Revenue Service today reminded disaster-area taxpayers who received extensions to file their 2023 returns that, depending upon their location, their returns are due… Read More
The Supreme Court Considers DOJ Request to Reinstate Corporate Transparency Act Enforcement The Department of Justice (DOJ) has submitted an emergency application to the Supreme Court, seeking to overturn a district court injunction that currently blocks the enforcement of the Corporate Transparency Act (CTA). The injunction prevents the government from requiring companies to report beneficial… Read More
In today’s digital world, keeping your personal and financial information safe has never been more important. Tax-related information, in particular, is highly sensitive and can be a target for fraudsters. Whether you’re an individual taxpayer or a business owner, safeguarding your tax information is crucial to prevent identity theft, financial loss, and other threats. Fortunately,… Read More
When tax season rolls around, many business owners find themselves scrambling to pull together financial records and expenses. While taxes are often viewed as a once-a-year obligation, the foundation of accurate tax filing lies in consistent and thorough bookkeeping throughout the year. Here’s why ensuring your bookkeeping is up-to-date before tackling your taxes is not… Read More
Operating a cannabis dispensary is a rewarding yet challenging endeavor. The legal cannabis market is thriving, but the complexities of taxation—including the constraints of IRS Code Section 280E—can make navigating this landscape tricky. To ensure compliance and minimize tax burdens, here are seven essential tax strategies every cannabis dispensary owner should implement. 1. Understand and… Read More