Both the Internal Revenue Code and Bank Secrecy Act impose filing requirements for receipt of cash or cash equivalent. The article, published in CalCPA Magazine February 2018, dives in detail of these reporting obligations.
California was the first state to legalize marijuana. Since then, the State has seen number of changes to its marijuana law. Before taking on a client in the industry, the CPA should commit to due diligence and learning of risks involved.
The IRS has several programs available to U.S. Taxpayers to voluntary disclose foreign financial assets and income. The article explores the factors in determining between the Offshore Voluntary Disclosure and Streamline Filing Procedures