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CJBS

Data Security Tips for Licensed Cannabis Operators

Data security is important from the very beginnings of your cannabis business.  That’s because: – Cyberattacks are rampant in the industry  – Operators must stack multiple third-party integrations, making them vulnerable – They have to be compliant with regulations to protect customer information (such as HIPAA) and  – Cannabis businesses are criticized more often for […]
March 13, 2024
1 MIN READ
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Industries
CJBS

Cannabis Fraud Prevention: Internal Controls Businesses Should Never Operate Without 

The cannabis industry is especially susceptible to fraud, not only because of the stigma the industry still faces, but also because state-legal businesses are still so new and are growing quickly.   Yet when fraud hits your business, it can be devastating to your finances as well as your reputation.  Fortunately, there are steps you can […]
May 31, 2023
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News
CJBS

Partnership Audits Increase; Other Business Audits Drop In FY 2014

by Michael W. Blitstein, CPA Just released IRS audit coverage statistics show a slight increase in audits of partnerships, but decreases in audits of large corporations and S corporations in fiscal year (FY) 2014. For all types of businesses, the FY 2014 audit coverage rate was 0.57%, representing a decline from 0.71% in FY 2012 […]
March 12, 2015
2 MIN READ
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Insights
CJBS

Tax Audit Red Flags

by Michael W. Blitstein, CPA The IRS audits only slightly more than 1% of all individual tax returns annually. So why do they pick some returns to investigate and ignore others?  Although there’s no sure way to avoid an IRS audit, you should be aware of the following red flags that could increase your chances of […]
April 1, 2013
4 MIN READ
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News
CJBS

IRS Increases Audit Examinations

by Michael W. Blitstein, CPA  The Internal Revenue Service has stepped up its examinations in the past year of taxpayers with high adjusted gross income. The IRS released its 2012 IRS Data Book on March 25th, providing a snapshot of agency activities for the fiscal year. The report describes activities conducted by the IRS between […]
March 27, 2013
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Insights
CJBS

IRS Ramping Up For Increased Tax Audits

by Michael W. Blitstein, CPA  One of the greatest fears of taxpayers is facing an audit by the Internal Revenue Service.  Many clients we have represented in IRS audits liken the experience to going to war.  There is the mentality of “us vs. them”.  And this mentality is often warranted.  Even though virtually every Federal […]
October 21, 2011
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