Ayr Wellness Inc
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Health Care : Pharmaceuticals | Small Cap Value
Company profile

Ayr Wellness Inc. is a vertically integrated, United States (U.S) multi-state cannabis operator. The Company cultivates and manufactures branded cannabis products for distribution through its network of retail outlets and through third party stores. Its products include marijuana flower, concentrates, cartridges, vapes, seltzers, tinctures, topicals and edibles. Its flower product is a smokable part of the cannabis plant. Its concentrates are cannabis products that have been processed to remove extraneous components, leaving only the active compounds, primarily cannabinoids and terpenes. The vapes are devices that is pre-filled with extracted cannabis oils. Its tinctures are an alcohol or glycerol-based liquid cannabis extracts. Its topicals is a cannabis-infused skin product, such as lotions, creams and balms. Its brands include Kynd, Origyn, Stix Preroll Co. and Levia. Through Herbal Remedies Dispensaries, LLC, it operates two licensed retail dispensaries in Quincy, Illinois.

Price
Delayed
$1.31
Day's Change
0.07 (5.65%)
Bid
--
Ask
--
B/A Size
--
Day's High
1.31
Day's Low
1.22
Volume
(Heavy Day)

Today's volume of 142,972 shares is on pace to be much greater than AYRWF's 10-day average volume of 142,015 shares.

142,972

IRS warns Americans over $600 threshold to report Venmo, PayPal payments

11:40 am ET November 26, 2022 (MarketWatch)
Print

By Ariel Zilber

The IRS is interested in transactions involving part-time work, side gigs, and selling goods

The Internal Revenue Service is reminding tax filers to prepare to report transactions of at least $600 that are made through so-called "third-party" facilitators such as Venmo and PayPal.

The agency on Tuesday posted an explainer warning American business owners earning $600 or more per year on payments that are received through apps such as Zelle, Cash App, Venmo, and PayPal (PYPL) to file a tax form known as Form 1099-K.

The IRS is interested in transactions involving part-time work, side gigs, and selling goods, according to the agency.

The rule does not apply to noncommercial payments like reimbursing someone for food or rent or other one-off transactions such as selling an old piece of furniture, according to accountants.

Before this year, the threshold for filing a Form 1099-K report was at least 200 transactions totaling an aggregate of at least $20,000.

When Congress passed the American Rescue Plan Act of 2021, it included a provision that reduced the reporting threshold to a single transaction over $600.

The Biden administration hopes that by reducing the threshold, the measure will crack down on Americans evading taxes by not reporting the full extent of their gross income.

The proposal was offered as a way to help pay for a $3.5 trillion social spending bill that would invest in climate programs, child care and education.

Tommy Lucas, an Orlando, Fla.-based certified financial planner, told CNBC that filers must include any sum that is reported on Form 1099-K as part of their business income.

Failure to do so could trigger an audit since the IRS obtains a copy of Form 1099-K directly from the third-party payment facilitator.

But the provision has been met with pushback from sites like Etsy (ETSY) and eBay (EBAY), who joined with smaller retailers to create the "Coalition for 1099-K Fairness," which they say is aimed at protecting "casual online sellers and microbusinesses from unfair tax and privacy burdens."

Earlier this year, President Joe Biden signed into law the Inflation Reduction Act, which includes a provision that will lead to the hiring of 87,000 additional IRS agents.

The nonpartisan watchdog Joint Committee on Taxation said it anticipates that between 78% and 90% of the estimated $200 billion that the IRS will collect as a result of the bolstered workforce will come from small businesses

President Biden and the Democratic Party have insisted that Americans earning less than $400,000 annually would not have to pay a cent more in taxes.

But the Joint Committee on Taxation disputes this, saying that between 4% and 9% of the money collected will come from businesses that earn above $500,000 a year.

This article was first published on NYPost.com

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(END) Dow Jones Newswires

November 26, 2022 11:40 ET (16:40 GMT)

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