Archive: business tax

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Selling Cannabis: Are Your Expenses Tax Deductible?

State legislation has now been passed in 30 states to legalize cannabis for medical or recreational purposes. As cannabis was becoming legalized, entrepreneurs who were eager to invest in new markets began opening dispensaries. Once it became time for businesses to file their taxes, unforeseen tax implications led to Tax Court cases that are now […]
September 26, 2018

The Capitalized Costs of Cannabis

In 1937, Congress ratified the Marijuana Tax Act which made it illegal under federal law to deal in the business of buying or selling cannabis. In recent years, states have passed legislation of their own that makes the dealing of cannabis legal for medical or recreational purposes. However, these states are still in violation of […]
September 24, 2018

M&A Shop Talk – Tax Reform Act – Private Company Related Tax Developments

The recently passed federal tax reform act commonly, also known as the “Tax Cut and Jobs Act of 2017,” contains many provisions that will require careful analysis and rethinking to effectively negotiate all future M&A transactions. Generally, the new tax law provision changes are effective for any taxable year beginning after December 31, 2017. It […]
February 1, 2018

How Does the New Tax Law Affect Your Practice?

No doubt, you have heard that there is a 20% deduction for business income. But, as with anything tax, the devil is in the details. First let’s review some common definitions: Taxable income for this purpose is defined as the net income shown on the form 1040 after all deductions, minus any long-term capital gain […]

Proposed Tax Law —What You Need to Consider in Your 2017 Tax Planning

BACKGROUND On November 2nd, the House Ways and Means Committee released H.R. 1, the Tax Cuts and Jobs Act, the opening volley on tax reform for the 115th Congress. The House bill (429 pages) is a Congressional response to a litany of issues that have plagued taxpayers (at least as perceived by the House Ways […]

UBI Activity Loophole for Schools

Schools often rent their facilities to a third party when they’re not in use or have excess space. They usually do this as a community service; for instance, renting the facility to a daycare provider or a summer school, or to produce additional income. School business managers and CFOs should know that this type of […]

D.C. Tax Reform Passes After Council Overrides Mayor’s Veto

On July 14th, the District of Columbia Council voted 12 to 1 to override Mayor Vincent Gray’s veto of the District’s Fiscal Year 2015 Budget Support Act of 2014 (B20-0749).  The legislation includes tax rate decreases for both individuals and businesses, as well as the heavily publicized “yoga tax” (i.e., sales tax on health club […]

Tax Reform Passes D.C. Council After Override of Mayor’s Veto

On July 14th, the District of Columbia Council voted 12 to 1 to override Mayor Vincent’s veto of the District’s Fiscal Year 2015 Budget Support Act of 2014 (B20-0749). The legislation includes tax rate decreases for both individuals and businesses, as well as the heavily publicized “yoga tax” (i.e., sales tax on health club memberships). […]