Could Medical Marijuana Become an Ordinary and Necessary Expense Deductible under Tax Code For California and Other States Allowing Medical Marijuana Dispensaries ?
Posted on October 12, 2011
Several Congressmen have been receiving inquiries from their constituents about the legality of deducting expenses incurred when selling marijuana for medical purposes. (See Practitioners TaxAction Bulletin No. 2011-18 p4.) The IRS has responded with a series of informational letters. Under the Internal Revenue Code Sec 280E disallows deductions incurred in the trade or business of controlled substances of which marijuana of course [...]
Read moreYour Neighborhood Chevy’s, Friendly’s, Boston Market May be Closing due to Bankruptcy of Parent Company
Posted on October 11, 2011
Sun Capital Partners the parent company of big name chains such as Chevy’s, Friendly’s and Boston Market and El Torito filed for bankruptcy on October 4th., as reported by the New York Post (October 5, 2011, p 32.) Also, Sun also owns the Friendly ‘s chain which is expected to file later this month. This is just one of many recent filings [...]
Read moreDischarge Allowed to Stand for Debtor Later Found Guilty of Criminal Drug Sales
Posted on October 5, 2011
In an interesting case recently reported in (Consumer Bankruptcy News, vol.21, iss19, p, 3) involving both the bankruptcy and criminal laws , a person who had been first granted a Chapter 7 discharge claiming to be unemployed and having no income was arrested 5 months later. and charged with possession of and trafficking in crack cocaine. The Office of the US. Trustee [...]
Read moreNew York State Offer In Compromise to become “friendlier"
Posted on September 30, 2011
Over the years York State Department of Taxation has had a difficult reputation for approving offer in compromise as compared to the Internal Revenue Service. This may be changing. The program allows for compromise when the the taxpayer is “not insolvent or bankrupt. See link: http//tax.ny.gov/enforcement/collections/oic.htm [...]
Read moreThe IRS Provides Tax Relief to Victims of Hurricane Irene
Posted on September 26, 2011
The Internal Revenue Service is providing tax relief to individual and business taxpayers impacted by Hurricane Irene. The IRS has announced that certain taxpayers in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico and Vermont will receive tax relief. Other locations are expected to be added in coming days following additional damage assessments by the Federal Emergency Management [...]
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