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Cannabis Cos’ $4.7B In Cash-Based Taxes Overwhelm IRS

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million to a Virginia company to handle “large cash payments for processing cannabis federal taxes.”. billion in taxes last year on nearly $13 billion in revenue from legal cannabis companies. That means the companies are dealing exclusively in cash, even when paying their taxes. According to Quartz , the U.S.

Taxes 208
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Economic Nexus Laws’ Unexpected Impacts On Restricted Substance Retailers

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eCommerce sales tax laws are having unintended consequences in the tobacco industry. These laws were meant to make online sellers face sales tax requirements similar to those for retailers with on-the-ground locations, putting both types of businesses on equal footing. How economic nexus policies play out with restricted substances .

Retail 109
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Far Point Merges With Global Blue In $2.6B Deal

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Virginia-based FinTech firm Far Point closed a $2.6 billion merger deal with Switzerland’s tourism shopping tax refund company Global Blue , earning it a listing on the New York Stock Exchange (NYSE), the companies announced Thursday (Jan. Silver Lake and other owners will retain roughly 42 percent of the combined company.

Taxes 130
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Credit Karma Now Offers A High-Yield Savings Account

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When we built Credit Karma Savings, we wanted to develop a product that made opening a savings account as easy as possible for our members,” said Jagjit Chawla, general manager of savings and tax for Credit Karma, in a release. Credit Karma is partnering with West Virginia-based MVB Bank on the venture.

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Buying into AML risks in real estate

Abrigo

Key Takeaways Real estate markets are vulnerable to money laundering and fraud because of their transaction size and appreciation over time. The real estate market is enticing to more than just new homeowners or investors. Real estate market AML risks Real estate is a proven, traditional, and well-established marketplace.

El Paso 195
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Fizzle Of The Week: The Cannabis Payments Conundrum

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states (and the District of Columbia) where marijuana has been legalized for sale in some capacity, it has thrown off a fairly large chunk of tax revenue in the last year. billion in taxes from legal cannabis companies last year, an amount of money that is undoubtedly a sizzle for the federal coffers.

Taxes 177
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How Diversified Revenue Streams Impact Ag Borrowers

Abrigo

Market experience Know the land values. We always advise landowners to undergo an assessment to protect these funds from taxes and help them to create entity strategies or fund new equipment for the greatest value. Market comparisons will need to be made for term fees and rent. Stay up-to-date on the latest on ag lending trends.

Lending 195