The IRS National Taxpayer Advocate, Erin Collins, has issued her annual mid-year report to Congress in which she identifies the impact the COVID-19 pandemic had on the filing season. The IRS completed the filing season this year with a backlog of more than 35 million...
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Month: June 2021
Rental Properties are Hot – Handle with Care
With more people looking to move into homes with an office to work from home these days, some taxpayers are trying their hands as landlords. While a property owner must report rental income, there are many deductions including repairs, operating expenses, and...
Thinking of Closing Your Business?
Over the past year many California businesses have faced difficult choices, including the decision to remain operating, or to shut down. For those who have ceased business, it is important to make sure you have legally terminated your entity with the State of...
How High is California’s Cannabis Revenue?
The California Department of Tax and Fee Administration (CDTFA) reported today that in the first quarter of 2021, California has already generated $131.9 million in cannabis excise tax, $30.7 million in cannabis cultivation tax, and $82.4 million in cannabis sales...
