February 10 - Non-Payroll Taxes File Form 945 to report income tax withheld for 2011 on all non-payroll items. This due date applies only if you deposited the tax for the year in full and on time. February 10 - Social Security, Medicare and Withheld Income Tax File Form 941 for the fourth quarter of 2011. This due date applies only if you deposited the tax for the … [Read more...] about February 2012 Business Due Date Reminders
Palatine CPA
The IRS Is Attacking the Medical Marijuana Business
Generally a business can deduct normal business expenses such as rent, payroll, etc. However, the IRS is using an obscure section of the code passed during the Reagan Administration as part of the “War on Drugs” to deny normal business expenses to medical marijuana-related businesses. § 280E Expenditures in connection with the illegal sale of drugs – No deduction or credit … [Read more...] about The IRS Is Attacking the Medical Marijuana Business