IRS Clarifies Cannabis Tax Rules

ByiFind Taxpro Tax blog February 6, 2025 (0)
June 2024 Declaration Keeps Marijuana Businesses Under Strict Tax Rules: No Business Deductions for 2025 Tax Season On June 28, 2024, the IRS reaffirmed that marijuana remains a Schedule I controlled substance, reminding cannabis.

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1099-K

The $600 Threshold for 1099-K Reporting, according to the AICPA, is too little and out-of-date

ByiFind Taxpro Tax blog December 23, 2022
The $600 threshold was established by Internal Revenue Code Section 6041 in 1954, and it does not take inflation into consideration. The American…
aeroplane landing in a city

The Internal Revenue Service has issued guidance on the new Sustainable Aviation Fuel Credit.

ByiFind Taxpro Tax blog December 22, 2022
It covers fuel mixtures with sustainable aviation fuel that are sold or used in the years 2023 and 2024. The Sustainable Aviation Fuel (SAF) credit is…
IRS Advisory Council

The IRS advises early filers to postpone their filing until 2023.

ByiFind Taxpro Tax blog December 21, 2022
The IRS has changed the way it generates 1099-Ks, which is why it is issuing this warning. For taxpayers who typically file returns in late January or…
dollar bill

The deadline for establishing a flexible spending account is approaching

ByiFind Taxpro Tax blog December 20, 2022
FSA contributions must be made by December 31; however, some companies let you roll over a portion of the unused funds. Flexible spending accounts…
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