Blog

11 Apr 23

Cannabis State Tax Deductions

For cannabis businesses, navigating taxes can be a difficult challenge. There is a federal tax code that governs how cannabis-touching entities are taxed, known as Internal Revenue Code 280E. However, certain states have gone beyond this and allow deductions that are disallowed at the federal level. Read on to find…

06 Apr 23

Cryptocurrency Information Reporting Under Form 1099

Pursuant to the Infrastructure and Jobs act signed by President Biden on November 15, 2021, the term broker has been expanded to include all platforms or businesses that facilitate the trading of digital assets. This means the IRS considers it a broker if you can trade cryptocurrency or other digital…

04 Apr 23

New Jersey and Cannabis Consumption Lounges

The cannabis industry on the East Coast is experiencing a significant surge, and New Jersey is set to be a major player. Experts predict that the state’s cannabis market will hit $2 billion in sales by 2027. The addition of licensed consumption lounges is expected to be a game-changer…

20 Mar 23

Cryptocurrency Information Reporting on Form 8300

The exponential growth and rising cryptocurrencies have placed a demand on different countries to impose regulations that will protect the economy, customers, and businesses. One such regulation is the Infrastructure Investment and Jobs Act or the Investment Bill, which President Biden signed into law on November 15, 2021. The Investment…

28 Feb 23

What are the Advantages to Creating an Efficient Cannabis Inventory Management System?

The cannabis industry is one of the fastest growing industries in the world, but with this growth comes a unique set of challenges. In order to stay profitable and successful, cannabis businesses must have an efficient inventory management system in place. An effective inventory management system can help businesses better…

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21 Feb 23

What Do Cannabis Businesses Need to Understand About Exit Strategies?

As cannabis businesses grow and change, having an exit strategy is essential for success and continued growth. Exit strategies are often used to maximize the value of a business when it is time to sell or transition ownership. While no two cannabis businesses are alike, there are some key factors…

07 Feb 23

The Canna CPAs receive the highest accolades as the top-notch marijuana and cannabis accounting firm.

We are thrilled to announce that BestMarijuanaGuide.com, a comprehensive directory for cannabis products and suppliers, has recognized our firm as the top Marijuana & Cannabis Accounting Firm. This accolade is a testament to our team’s hard work and dedication, and we are incredibly proud to be recognized in this way.…

31 Jan 23

What is the “Lord” Case and What Was Its Impact in the Cannabis Industry?

Lord v Commissioner, March 4, 2022, is a landmark tax court case whose ruling in the cannabis industry has been consistently upheld in similar cases and has had major implications for taxes for many years. The case involved a taxpayer, Richard Lord, an S-Corporation shareholder in a Colorado grow, who…

11 Jan 23

What Are the Benefits of Having a CFO for My Cannabis Business?

If you own or operate a cannabis business, having an experienced Chief Financial Officer (CFO) on board can provide numerous benefits. A CFO is responsible for financial planning, budgeting, reporting, and analysis of your business’s financial performance. By understanding the complex regulatory landscape surrounding the cannabis industry, they are able…

13 Dec 22

Maryland Becomes 20th State to Legalize Adult-Use Cannabis.

Cannabis had come up a long way since the 1960s and 1970s when it was thought to be a dangerous drug and was illegal in most states. Today, cannabis is legal for both medical and recreational use in more than half the states. The most recent state to legalize recreational…

Cannabis State Tax Deductions

Cryptocurrency Information Reporting Under Form 1099

New Jersey and Cannabis Consumption Lounges

Cryptocurrency Information Reporting on Form 8300

What are the Advantages to Creating an Efficient Cannabis Inventory Management System?

What Do Cannabis Businesses Need to Understand About Exit Strategies?

The Canna CPAs receive the highest accolades as the top-notch marijuana and cannabis accounting firm.

What is the “Lord” Case and What Was Its Impact in the Cannabis Industry?

What Are the Benefits of Having a CFO for My Cannabis Business?

Maryland Becomes 20th State to Legalize Adult-Use Cannabis.

Do Cannabis Delivery companies need a 280e accounting firm?

Do hemp beverage companies need a Cannabis CFO?

280-E Accounting for Minnesota Cannabis Companies

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