Under federal law, income from growing medical marijuana is ill-gotten gain. It is, however, taxable, as is all income. In some states, growing cannabis is legal for medical purposes and in Colorado, it's legal – period.
Accounting software provider Xero embarked on its first national road show earlier this week, providing free training to accountants and bookkeepers on how small businesses can use its Cloud platform to improve efficiency and reduce costs.
Because of the widespread devastation to housing caused by storms and flooding in Colorado, the IRS will temporarily suspend certain limitations for qualified low-income housing projects that house people displaced by the storms and flooding.
Beth Ann Pettyjohn of Englewood, Colorado, was sentenced to serve twenty-eight months in federal prison for failure to pay over employment tax. The judge also ordered her to pay $4,669,532.05 in restitution to the IRS as well as a $25,000 fine.
The IRS announced it is providing tax relief to individual and business taxpayers in four Colorado counties impacted by the recent severe storms that have caused flooding, landslides, and mudslides in that state.
Thomas Nelson, formerly the CEO of York County Community Action Corporation (YCCAC), was sentenced May 21 in US District Court by Judge Nancy Torresen to thirty months in prison and thirty-six months of supervised release for conspiracy, embezzlement from a federally funded program, tax evasion, and signing false tax returns.
During the monthlong festivities that preceded this year's Indianapolis 500, Ted Dickman saw a lot of smiles – not only on the faces of those who organized and participated in the events, but on the faces of those who attended the events.
New legislation authorizing the states to collect sales tax from companies peddling their wares online breezed through the Senate on May 6 by a wide 69-27 margin. But the Marketplace Fairness Act is expected to face much tougher opposition in the Republican-controlled House of Representatives.
Hein & Associates LLP will be transformed into a shopping plaza on April 25. That's because visiting school-aged children will be starting their own businesses – one of many activities the firm has organized for Take Our Sons and Daughters to Work Day.
Vault.com released its 2014 Vault Accounting 50, a ranking of the fifty best accounting firms in the nation to work for. The survey asked more than 7,900 accountants to assess their peer accounting firms on a scale of one to ten based on prestige and quality of life factors.
With so many vital lessons to instill in their preteen children in just a few short years, it's no surprise many parents often overlook teaching their children one of the most basic and practical skills – how to handle their money.
Hedge fund manager and CPA administrator Jonathan Davey was convicted by a jury in Charlotte, North Carolina, on February 8 for a $40 million Ponzi scheme. Ten other defendants were also convicted in the case.
In what may represent an early example of a growing industry opportunity for accountants, Medical Marijuana Inc. said it has hired the accounting firm of Anthony W. Imbimbo CPA & Associates to be its auditor.