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Archive by Month: September 2020

IRS Publishes Federal Tax Resources for Cannabis Businesses


Posted on September 30, 2020

As reported by Forbes.com on September 14, 2020, the Internal Revenue Service (IRS) recently published a webpage devoted to tax compliance for U.S.-based cannabis businesses. With states across the country taking varying approaches to legalizing and decriminalizing marijuana, and with marijuana remaining a Schedule I controlled substance at the federal level, navigating tax compliance is an extraordinarily complex task for cannabis businesses, and business owners who wish to avoid unwanted scrutiny from the IRS need to work with an experienced Boston tax lawyer to avoid costly mistakes.Read More

5 Real-Life Examples of Taxpayers Avoiding Substantial Penalties Through Voluntary Disclosure

Articles/News, Offshore Account Update

Posted on September 23, 2020

The Internal Revenue Service’s (IRS) Voluntary Disclosure Practice affords U.S. taxpayers the opportunity to avoid substantial liability in the event that they have failed to timely disclose their offshore accounts—as required by federal law. The Voluntary Disclosure Practice is not available to all taxpayers in all circumstances, and it does not afford the ability to completely avoid liability in most cases, but it can help taxpayers avoid tens of thousands, hundreds of thousands or even millions of dollars in IRS penalties in many circumstances.

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