Friday, February 2, 2018

Cannibus and Taxes

Under federal tax code USC 280E, those who the federal government deem to be "illegal drug traffickers and international criminal cartels" must also pay their taxes to the IRS in a timely manner. And, many of those who operate legal cannabis operations in California are doing their best to comply with federal tax law by "toting huge amounts of cash to the California Franchise Tax Board and the IRS, as pot is still too illegal for banks to inhale." Unfortunately, these cash businesses are also attracting robbers.

Back Taxes and Mortgage Loans

According to B3-6-05, which was updated on January 30, 2018, the answer is not necessarily.  "When a borrower has entered into an i...