Today, only the cost of goods sold is deductible for marijuana businesses. Traditional business costs, like employee payroll and marketing, remain non-deductible. The result is that marijuana businesses can be left with an effective tax rate between 40 and 70 percent.
Marijuana remains illegal for federal purposes. The feds seem to understand, however, that aggressively pursuing the criminalization of legal medical marijuana sales won't make the dollars generated from those sales go away. They'll likely just go underground - and the revenue which could be generated for states and municipalities along with it.
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Real Estate 2020 - Dominican Republic - Chambers Global Practice Guide - Lexology
Since gaining its independence in 1844, the Dominican Republic had a legal system based on French law, specifically on the Napoleonic Code; however, since the first half of the 20th century, there has been a move away from the French model, with the adoption of many statutes and codes inspired by other legal systems, such as the Land Registry Law of 1920, based on the Australian Torrens system.
The Constitution of the Dominican Republic lays out the fundamental framework for the organisation and operation of the Dominican government and its institutions, and recognises an impressive list of civil rights for all individuals, Dominicans and non-Dominicans, including an equal protection clause for non-Dominican citizens and investors.
CBP COVID-19 Impacted Business 90-Day Duty, Tax, Fee Payment Postponement
On Sunday, the U.S. Department of Homeland Security's Customs & Border Protection (CBP) announced that President Donald J. Trump signed an Executive Order that allows CBP to grant a 90-day postponement of certain duties, taxes, and fees that would have otherwise been due to CBP by importers across the United States. In the Temporary Final Rule implementing the Executive Order, CBP noted that, due to the COVID-19 pandemic,
Why Are Independent Contractors And Sole Proprietors Treated Poorly Under The Paycheck Protection
The SBA released much needed guidance and regulations on applying for the Paycheck Protection Program (''PPP") for individuals who file tax returns as independent contractors or sole proprietors. This guidance, which was released on April 14th, was quickly overshadowed by the news two (2) days later that the PPP had run out of funds.
What will happen to small businesses from here remains a mystery. Reportedly, if passed by Congress, another $250 billion will be used to replenish the fund. There is no set date as to when this money would become available, because the Democrats want to tie in additional funds for State and local governments. Treasury Secretary Steven Mnuchin has pointed out that approximately one‑half (1/2) of the United States economy consists of small businesses.
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North America Tax News and Developments - March 2020
We are pleased to enclose the March issue of Tax News and Developments, a publication of Baker McKenzie’s North America Tax Practice Group. This month’s edition features an update on the tax payment deadline, state and local tax effects of COVID-19, a discussion on the FDII regime, the final regulations under 721(c), and more.
How virtual Congress would fully transform the work of lawmakers | TheHill
For more than 150 years, Congress met in the winter and spring and vacated the capital when the weather in Washington became hot and humid. With air conditioning added in the middle of the 20th century, Congress began to spend more time in session. At the same time, an astounding boom in modern medicine made the threat of plagues, which in earlier years had emptied the capital of lawmakers, almost nonexistent.
Congress spending more time in session also paralleled growth in what the federal government oversees. The first session of Congress maintained a watch over roads, tariffs, and appropriations. Now a lawmaker can attend committee hearings on funding for fleets in the Pacific Ocean and financial regulations in the morning, vote on housing and agency bandwidth in the afternoon, then do a media interview on new legislation under consideration in the evening, not to mention fundraisers after work.
INSIGHT: Relief from Royalty and the CUT-based Income Method
The arm's-length standard for transfer pricing valuations isn't always interchangeable with the fair market value method used for equity valuations. Lisa Banker, Carlos Mallo, Kenneth Christman, and Marina Kashleva of EY explain how the differences can create traps for the unwary taxpayer.
The arm's-length standard (ALS) (i.e., the standard to be used for transfer pricing purposes) and the fair-market value (FMV) standard of value (i.e., the standard applied for equity valuations and valuations of transactions between unrelated parties) are different standards of value, not "freely interchangeable" as the application of one or the other standard may result in widely different results. Though usually a surprise to the unwary (e.g.
Will the SECURE Act make retirement more secure? | The American Legion
Will the most significant tax legislation since 2006 be a boom or bust for you in retirement? The reality: probably neither. There are some exciting provisions within the law, some to frown at, and a whole lot of "the ball remains in your court."
Let's look at important provisions within the Setting Every Community Up for Retirement Enhancement (SECURE) Act:
• The Required Minimum Distribution start date is now age 72. The tax benefits of IRAs and other retirement accounts don't last forever. Rest assured, Uncle Sam is going to get his. RMD rules require money to be withdrawn from all retirement accounts other than Roth IRAs. The SECURE Act pushes the starting age of those RMDs from 70½ to 72. The new rule applies to those who turn 70½ after Jan. 1, 2020.
Happening on Twitter
It was supposed to be a long weekend of festivals and music culminating on April 20, or 4/20, the code for marijuan… https://t.co/7ZT8xsmwXk CityNews (from Toronto, Ontario) Mon Apr 20 09:49:16 +0000 2020
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