-
Tax Court upholds “gross receipts method” to determine tax liability
A recent U.S. Tax Court Case captioned “Raymond Chico and Ruby Chico v. Commissioner”, Respondent upheld the use of a very simple tax accounting tool by the IRS in determining the tax liability of a cannabis-related business. The IRS used the ‘gross receipts method’ to add up all receipts from all sources and determined that…
-
Tax Court upholds IRS over legal dispensary
A recent U.S. Tax Court case challenged the ability of the Internal Revenue Service to deny all tax deductions as invalid for a cannabis-related business. The business “Northern California Small Business Assistants Inc.” was a legal dispensary in California. The Tax Court denied all of the arguments of the business as invalid and upheld the…
-
What you should know about Worker’s Compensation Insurance
Too many hardworking small business owners fall victim to false beliefs and rumors about the law and wind up risking everything. I have other helpful resources about workers compensation insurance to share once we know what applies in your specific situation. Reach me through the contact information at tonynovak.com.
Opening : Mon-Fri 08:00 – 17:00