Practitioners are more likely now than ever to be asked to consult with clients that may either be considering or are currently involved, directly or indirectly, in a state-legal cannabis business.
Congress has launched a debate on comprehensive tax reform, the likes of which the country has not seen since 1986. As a result, the AICPA, in fulfilling one of its key roles as a leading professional organization, has been active in monitoring and educating Congress about the implications of various tax reform legislative proposals.
The American Taxpayer Relief Act of 2012 contains many provisions that are favorable to businesses, particularly in the fixed-asset area.
The American Recovery and Reinvestment Act of 2009 contains numerous tax provisions aimed at individuals and small businesses.