Reporting Sales of Medicinal Marijuana: A Choice Between Tax Evasion, Criminal Prosecution and Bankrupting Tax Bills?
Maryland finally made the move to legalize the sale of medicinal marijuana. However, federal law still treats the sale of marijuana– even for medicinal purposes– as illegal. This split approach has the potential to cause a lot of confusion: while the state may consider the sale of medicinal marijuana as “above board”, an illegal status […]
What’s in a Name: Defining Employees and Independent Contractors
In the classic story of “Romeo and Juliet” there is a well-known and often repeated line, “What’s in a name?” In the tax world, a name can mean the difference of thousands of dollars. It is important for business owners, employers, employees and independent contractors to understand the distinction between titles and to plan for […]
Less Audits? Not Necessarily A Good Thing
IRS budget cuts may not appear entirely bad. With a reduced budget comes a reduction in the manpower and resources necessary for the IRS to conduct audits. Less audits means less need for taxpayers to concern themselves with the possibility of retaining records for years or, to some, the need to be entirely truthful on […]
Less Audits? Not Necessarily A Good Thing
IRS budget cuts may not appear entirely bad. With a reduced budget comes a reduction in the manpower and resources necessary for the IRS to conduct audits. Less audits means less need for taxpayers to concern themselves with the possibility of retaining records for years or, to some, the need to be entirely truthful on […]
Glen Frost was recently featured on Fox 5 news in DC to discuss the legal and tax ramifications of winning the Powerball.
A Cautionary Tale About Tax Preparation
How much research do you do before hiring someone to prepare your taxes? When you hand over your personal information, are you assured that your accountant is keeping your information secure, while also putting together a tax return that will pass IRS standards? The IRS provides a number of resources to assist taxpayers in hiring […]