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News and Events

Archive by Month: September 2021

Tax Considerations for Businesses Entering VA’s Adult-Use Cannabis Marketplace

Posted in News, Offshore Account Update on September 30, 2021

When Virginia’s Cannabis Control Act took effect on July 1, 2021, it set the stage for the commercial sale of recreational, adult-use cannabis in the Commonwealth. While it will not be legal to sell recreational cannabis in Virginia until 2024, many businesses and entrepreneurs are already in the process of preparing to file their license applications with the Cannabis Control Authority and take all of the various other steps that will be necessary to hit the ground running. As Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, now is the time for cannabis businesses and entrepreneurs in Virginia to begin thinking about some important tax considerations as well. Read More

Important New Tax Changes on the Horizon for Cryptocurrency Investors

Posted in Hot Topics, News on September 17, 2021

Two bills currently pending in Congress could result in important changes for cryptocurrency investors. One bill, the Senate infrastructure bill, proposes enhanced reporting requirements that would make it easier for the IRS to enforce cryptocurrency investors’ income tax obligations. The other, a bill pending in the House, would prevent cryptocurrency investors from claiming certain losses. According to Virginia tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, cryptocurrency investors should monitor both legislative efforts, and they should take proactive steps to ensure federal tax law compliance going forward. Read More

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