On June 30, 2022 California enacted Assembly Bill 195 (AB 195) that paved the way for two additional tax credit opportunities for Commercial Cannabis Companies operating in California.   High-Road Cannabis Tax Credit For each taxable year beginning on or after...

Starting with the 2021 tax year, the IRS required Schedules K-2 and K-3 be completed for passthrough entities (Partnerships and S-Corporations) to include items of international tax relevance from the operations of a pass-through entity.  As these forms are very...

Now is the time to implement year-end tax planning strategies to mitigate tax liabilities for 2022.  Below are our top tax planning strategies to consider:   1. Charitable Contributions Consider lumping 2 years of planned charitable contributions into one year to...

The IRS has issued a few notices to adjust for inflation for 2023 in Notice 2022-38. The 2023 Standard Deduction is increased to $27,700 for MFJ (up from $25,900) $20,800 for HOH (up from $19,400) $13,850 for Single filiers and MFS (up from $12,950) The refundable...

The Tax Cuts and Jobs Act of 2017 (TCJA) requires capitalization of all research and development (R&D) expenditures incurred in tax years beginning after Dec. 31, 2021.   Historical Treatment of R&D Expenditures Since 1954, the U.S. tax code gave...

President Joe Biden signed the Inflation Reduction Act (IRA) of 2022 into law on August 16, 2022.  The budget reconciliation act narrowly passed the senate with a 51-50 with the vice president, Kamala Harris, casting a tiebreaking vote.  A majority of the bill deals...

To combat rising inflation, California Governor Newsom signed Assembly Bill 192 Better for Families Tax Refund. A total of $9.5 billion will benefit 23 million Californians, and it will not be taxable on your California income tax return. How do I qualify? To qualify...

In 2021 and 2022, Americans experienced a number of natural disasters, including wildfires in California, New Mexico, and Colorado; the deadly Hurricane Ida impacting Louisiana, New Jersey, and New York; and severe storms throughout Washington and Tennessee. Natural...

In the highly regulated cannabis industry much needed tax relief has been passed in California.   Cultivation Tax Eliminated On June 30, 2022 California enacted Assembly Bill 195 (AB 195) which eliminates the weight-based cannabis cultivation tax.  Effective July...

Due to rising gasoline prices, the IRS has announced an increase of 4 cents for the standard mileage rate for the last 6 months of 2022. The 2022 mileage rates are: 1/1/22-6/30/22 is 58.5 cents a mile 7/1/22-12/31/22 is 62.5 cents a mile The medical and moving mileage...