The Internal Revenue Service reminds tax-exempt organizations that operate on a calendar-year (CY) basis that certain annual information and tax returns they file with the IRS are due on May 17, 2021. These returns are: Form 990-series annual information returns (Forms 990, 990-EZ, 990-PF, 990-BL) Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to...
It appears that political support for legalizing recreational cannabis in Rhode Island may finally be reaching a critical mass. The details of how Rhode Island might go about legalizing recreational cannabis—and not whether to do it — are now the subject of legislative hearings and maneuvering at the Rhode Island State House. There are two bills under discussion. Both...
Should medical marijuana be given to animals? A bill is pending in the Rhode Island General Assembly that would make Rhode Island the first state in the country to permit veterinarians to prescribe medical marijuana to a domestic pet with a debilitating medical condition. The proposed bill, introduced by Representatives Patricia Serpa, William O’Brien, and Charlene Lima,...
By Russell Stein On Wednesday, March 31st, President Biden released a summary of his administration’s proposed The American Jobs Plan (the “TAJP”). TAJP is a $2 trillion proposal focusing on public domestic infrastructure investments. To help incentivize infrastructure investments and fund the proposals, the TAJP summary includes the following tax related provisions: Increasing the corporate...
By Alicia J. Samolis and Michael A. Gamboli On March 11, 2021, President Biden signed into law a $1.9 trillion stimulus bill, the American Rescue Plan Act of 2021 (ARPA). The reach of the ARPA extends far and wide, including to healthcare coverage available to employees and their families following separation of employment under certain...
By Alicia J. Samolis and Michael A. Gamboli As most employers know, the Families First Coronavirus Response Act (FFCRA) went into effect in April of 2020 and required employers with less than 500 employees to provide certain forms of paid COVID-related leave to eligible employees. Specifically, the FFCRA provided for 80 hours of emergency paid...
A renewed effort to give the cannabis industry safe access to financial institutions and services returned to Washington last week, as the Secure and Fair Enforcement (SAFE) Banking Act was reintroduced in the U.S. House of Representatives. The bill would protect banks offering services to state-legal cannabis operations and ancillary businesses. The SAFE Banking Act...
By Russell Stein and David DiSegna On Thursday March 11th President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”). The law contains provisions to help businesses and individuals recover from economic hardships due to Covid-19. This Client Alert provides a brief overview of the changes to the Employee Retention Credit and introduces the...
A few weeks ago, we wrote that “political support for legalizing recreational cannabis in Rhode Island may finally be reaching a critical mass.” It seems our prediction was premature and it is becoming more likely that the General Assembly may not pass a bill before the close of its legislative session around the end of...
In the past few months, sales of Delta-8 tetrahydrocannabinol, also known as “Delta-8 THC” or “weed light,” have grown tremendously. So, it’s popular. But is it legal? At the federal level, the answer is hazy. And in Rhode Island, Delta-8 THC is still illegal. What exactly is Delta-8 THC? Delta-8 THC is a psychoactive cannabinoid...
