Tax Issues for Marijuana Dispensary Operators

A small section of the tax code provision originally written for illegal drug dealers is causing issues for legitimate marijuana dispensaries in Colorado, California, Arizona, and 15 other states where marijuana or medical marijuana is legal. In states like Colorado, where marijuana and Sacred Kratom is legal, income tax rates for dispensaries can be as […]

Posted in Taxes |

IRS Yet to Issue $917 Million in Tax Returns for 2009

The IRS has recently stated they are holding nearly $917 million in potential tax returns for those that never filed an income tax return during 2009, a figure that encompasses an estimated 984,400 US residents. Many of those included in this figure are potentially residents of Arizona. The IRS additionally estimates that nearly half of […]

Posted in Taxes |

IRS Cracking Down on Identity Theft Related Tax Fraud

Hundreds of Americans are victimized by tax fraud when their identity is stolen. In these cases, stolen Social Security numbers are used by thieves to collect fraudulent tax returns. Now the IRS is promising aggressive action. 449,809 reported cases of tax fraud related to stolen identity occurred in 2012. In an alarming trend, this number […]

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Facebook to Pay No Taxes, Instead Receive $429 Million Dollar Refund

Mark Zuckerberg’s once minuscule social network has now grown so large that it generated approximately $1.1 billion dollars in 2012, according to their annual report. What is surprising, is the lack of taxes owed and instead a refund to the tune of $429 million dollars. Part of the tax break came from Facebook going public last year; […]

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Affordable Healthcare Changes to Taxes

Many people are unsure how the newly instituted government mandated healthcare will affect their tax situations. The Affordable Healthcare Act will soon be mandated by the IRS. Are you interested in what that means for you? Hopefully we can shed some light on this. Let’s start with New Medicare taxes. Virtually all employers remove 7.65% […]

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Have Questions About 2013 Taxes?

Another tax season is upon us as 2013 is officially well and underway. Although the season comes and goes, one thing never changes – many people about to file their taxes have questions. Are you prepared to file your taxes? Make sure all your questions are answered first. Tax laws change every single year. Understanding […]

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Arizona Bill 1242 Aims to Give Tax Breaks to Filmmakers

After Quentin Tarantino passed on Arizona in favor of New Mexico to film part of his recent motion picture, “Django Unchained,” it created discourse within many local political circles. Republican Senator Al Melvin then proposed a bill in order to entice film production crews into filming movie scenes in the state with a 20% tax […]

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American Tax Relief Scam to Payout $15 Million

A company called American Tax Relief is being penalized by the Federal Trade Commission (FTC) over its shady business practices, which failed to compensate over $60 million dollars to their clients. The business advertised their services as a reputable way for people reduce their taxes and save money. The company collected nearly $103 million dollars before being […]

Posted in Taxes |

Fiscal Cliff Prompts IRS to Open Tax-Filing Season Eight Days Later Than Planned

The recent tax law changes resulting from the Fiscal Cliff have prompted the IRS to open tax season eight days later than usual, to make necessary adjustments. The IRS is set to begin processing returns on January 30, and will not go through any files before that date. Part of the reason why the date […]

Posted in Taxes |
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