We are used to the IRS advising individuals of how to protect against identity theft, but now businesses are a target of the same threat. As a result, the IRS has increased efforts in cybersecurity to protect the latest targets on business owners. It is crucial that business owners also take action to protect their electronic client and financial data. To read the IRS' recent bulletin, please click here.
As recently discussed here, the current state of the law allows business owners in the cannabis industry to take certain deductions on their state income tax returns, but not on their federal tax returns. That may soon change. The House Judiciary Committee approved the MORE Act (Marijuana Opportunity Reinvestment and Expungement Act) yesterday; now the bill will be reviewed by the House. If passed, marijuana will be removed from the list of federally controlled substances allowing business deductions for California cannabis business owners at the federal level. The bill provides for a 5% tax on marijuana products to fund programs to help people impacted by the "war on drugs."