Month: July 2026

U.S. taxpayers with foreign financial interests must comply with the Foreign Bank Account Report (FBAR) requirements, a critical component of federal tax regulations aimed at preventing offshore tax evasion. FBAR filing mandates disclosure of foreign financial accounts when aggregate balances exceed $10,000 at any point during the calendar year. Compliance…

The cannabis industry is about to undergo a major change in 2026. Several states are getting ready to vote on whether to legalize cannabis and put new rules in place. The State Legalization Ballot Tracker: 2026 Tax & Compliance Preview is a report that highlights important developments affecting cannabis businesses…

The cannabis industry has long struggled with federal banking restrictions that limit access to traditional financial services. In response, many dispensaries and cannabis retailers adopted cashless ATMs as a practical workaround, enabling customers to use debit or credit cards for purchases without direct card-based sales transactions. This mechanism allowed businesses…

Cannabis marketing and ancillary agencies operate within an industry marked by intricate regulatory frameworks and financial complexities. Managing accounting in this environment demands more than traditional bookkeeping skills; it requires a specialized approach tailored to the nuances of cannabis business operations. Agencies serving plant-touching clients face distinct challenges that complicate…

Cannabis businesses face unique challenges when it comes to succession planning. These challenges are mainly caused by federal regulations and the heavy tax burdens imposed by Section 280E of the Internal Revenue Code. This provision prevents cannabis businesses from deducting normal business expenses, resulting in higher taxes for them. As…

The cannabis industry presents unparalleled opportunities alongside complex financial risks. The Canna CPAs, a premier CPA firm specializing exclusively in cannabis businesses nationwide, offers expert guidance tailored to this evolving sector. Serving states including California, Colorado, Massachusetts, New York, and beyond, The Canna CPAs delivers specialized forensic accounting and fraud…

ASC 842 lease accounting is a significant update that changes how organizations recognize and report leases under US Generally Accepted Accounting Principles (GAAP). This standard requires lessees to include right-of-use (ROU) assets and corresponding lease liabilities on their balance sheets, making leasing obligations more transparent. For cannabis dispensaries with multiple…

The Employee Retention Credit (ERC) emerged as a crucial lifeline during the COVID-19 pandemic. Enacted under the CARES Act, this refundable tax credit aimed to encourage businesses to keep employees on their payroll despite the economic turmoil caused by the pandemic. For many industries, the ERC offered essential financial support…

The cannabis retail sector is facing an increasing threat from POS data breaches. These breaches not only put sensitive customer and inventory information at risk, but also threaten the financial stability of businesses operating under complex regulatory frameworks. This is especially concerning for an industry already burdened by federal prohibition…

Real estate investors use 1031 exchanges—also known as like-kind exchanges—to defer capital gains taxes by reinvesting proceeds from the sale of one property into a similar property. This tax-deferral mechanism preserves capital and enhances portfolio growth by postponing tax liabilities, which is especially beneficial in high-value transactions. The cannabis industry…