Author: News Desk

In a surprising twist in the movement towards federal marijuana liberalization, Republican senators have recently proposed legislation that could significantly impact the cannabis industry. On Thursday, Sens. James Lankford (R-OK) and Pete Ricketts (R-NE) introduced the “No Deductions for Marijuana Businesses Act.” This bill aims to uphold a restrictive federal tax policy, preventing cannabis companies from claiming ordinary business deductions under IRS Code 280E, regardless of any potential future changes to marijuana’s legal status. Understanding the Implications of the Bill The introduction of this bill comes amid an ongoing administrative review aiming to reclassify marijuana from Schedule I to Schedule…

The Long Beach City Council recently moved to expedite a sales tax increase by two years, aimed at addressing a looming budget deficit and reflecting voter intent. However, this decision has sparked a legal challenge asserting that the move may violate constitutional guidelines. In December, the City Council approved a plan to advance the sales tax from its scheduled increment of 0.75% to a full 1%, potentially generating an additional $24 million annually. This adjustment raises the city’s total sales tax rate to 10.75%, ranking it among the highest in California. A lawsuit filed on February 6 by a local…

Korea’s recent tax regulation updates are poised to significantly impact Individual Savings Accounts (ISAs), particularly amid ongoing disputes surrounding foreign taxation. As concerns about double taxation of ISAs have surfaced, the government has proposed a method to separately account for taxes already paid on foreign investments. This approach will exclude these foreign taxes from the final tax obligation upon an account’s maturity. Given that ISAs often contain funds from various countries—each with its own tax rates—it can be challenging to calculate individual foreign taxes. Consequently, a flat deduction rate of 14% has been introduced. This means that, irrespective of the…

Donald Trump has announced that on Monday, the United States will implement a 25% tariff on all steel and aluminum imports, affecting key trading partners including Canada and Mexico. This significant policy shift reflects ongoing tensions in international trade as Trump prepares to unveil more import duties later in the week. During a recent flight to New Orleans, President Trump confirmed these tariffs, stating, “Any steel coming into the United States is going to have a 25% tariff.” When probed further about aluminum, he quickly added, “aluminum, too” would also be included in these import penalties. In addition to these…

Japan’s Financial Services Agency (FSA) is on the brink of significant reforms that could reshape the crypto landscape in the nation. Reports indicate that regulatory changes under consideration may include substantial tax cuts on crypto profits and the introduction of spot crypto exchange-traded funds (ETFs). If these changes are approved, they could position Japan as one of the leading crypto hubs globally. Key Highlights Japan’s potential crypto overhaul is aimed at modernizing the country’s regulatory framework to keep pace with the rapid growth of digital assets. Central to this reform is a proposal to reclassify cryptocurrencies as securities. If enacted,…

India’s middle-class families have received a considerable tax break with the fiscal year 2025-26 budget proposals presented by Finance Minister Nirmala Sitharaman on Saturday. This new tax framework aims to lessen the financial burden on taxpayers, empowering them to save more and boost overall economic activity. Under the proposed changes, individuals earning up to 1.2 million Indian Rupees (approximately $13,841) annually will be exempt from income tax. This is a substantial increase from the current exemption threshold of 700,000 Indian Rupees (around $8,074). However, taxpayers will be required to invest in national savings schemes to qualify for this exemption, allowing…

Kenya Introduces New Excise Duty on Imported Goods and Online Advertising The Kenya Revenue Authority (KRA) has announced new excise duties on imported goods and digital advertising, set to take effect from December 27, 2024. These changes, introduced under the Tax Laws (Amendment) Act, 2024, will impact manufacturers, importers, and businesses in advertising, betting, and gaming. If your business imports electric transformers, printing ink, ceramic products, float glass, plastics, or coal, or if you advertise alcohol or betting services on social media, these new tax measures will affect you. Here’s a detailed breakdown of the changes and what businesses need…

In a developing story that intertwines technology, government, and privacy, the Treasury Department is under scrutiny for granting Elon Musk’s staff at DOGE limited access to its critical payment systems. This revelation has raised concerns among Democratic lawmakers and federal worker unions regarding the potential risks to personal data security. The Treasury oversees trillions of dollars in federal payments, including vital disbursements like Social Security benefits, tax refunds, and veterans’ compensation. These operations are primarily managed by the Bureau of the Fiscal Service, which plays a key role in ensuring that funds are appropriately allocated to millions of Americans who…

Dubai has become one of the most crypto-friendly destinations in the world. With zero personal income tax and no capital gains tax, it is an attractive hub for individual crypto investors. However, businesses engaged in cryptocurrency-related activities must comply with corporate tax and VAT regulations. This guide breaks down everything you need to know about crypto taxation in Dubai, including tax rules for individuals and businesses, VAT implications, regulatory requirements, and key deadlines. Do You Pay Taxes on Crypto in Dubai? For Individuals For Businesses In summary, if you are an individual investor, Dubai is a tax-free crypto haven. However,…

Earlier this year, I shared my plans to travel to Alaska as part of the Volunteer Income Tax Assistance (VITA) Project, in collaboration with the Alaska Business Development Center (ABDC). This initiative trains volunteers to help residents in remote villages prepare their tax returns at no cost, ensuring those who depend on VITA can access vital tax services. Living in small towns—similar to my upbringing in rural North Carolina—means limited access to restaurants and grocery stores. Thus, we must bring our own food supplies. Adding to the challenge, our journey to the villages involves flying in seaplanes, prompting us to…