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CORONAVIRUS & RECENT TAX LEGISLATION
All of us have in some way, shape or for form have been adversely affected by the Coronavirus. While this is not indigenous to cannabis, this is information that may prove to be of great value for you or people you know. TAX EXTENSIONS From the Internal Revenue Service: The Treasury Department and Internal Revenue […]
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CPA TRENDLINES ARTICLE 01/30/20: Suchoff Takes Cannabis Accounting Passion National
Suchoff Takes Cannabis Accounting Passion National CPA TRENDLINES ARTICLE 01/30/20: She cites the usual complications: 280E, the dearth of banking services. Sandy Suchoff’s initial interest in cannabis came when a family member had an immune deficiency condition. The treatments seemed almost as hazardous as the disease itself. Medications came with lists of serious side effects […]
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CAN OTHER RELATED CANNABIS BUSINESSES POTENTIALLY BE SUBJECT TO 280E?
There is an Internal Revenue code Section IRC 482 which allows the IRS to make allocations to ensure that taxpayers clearly reflect income attributable to controlled transactions and to prevent the evasion of taxes. Found in the statutory language of IRC 482 , there are three basic prerequisites before this code section can be There […]
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Who Needs to File Form 8300?
As we are all probably aware, it is very difficult for cannabis businesses to obtain bank accounts. Consequently, these businesses are forced to operate with large amounts of cash. Accordingly, it is of paramount importance that cannabis business owners and its staff are cognizant of Form 8300. The general rule is that you must file […]
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Still Unwinding From MJBizCon in Las Vegas! Here are Some of our Key Takeaways.
It was great seeing and meeting many of our existing clients, and we also really enjoyed meeting many of you for the first time in Las Vegas at the MJBizCon. Our 280E session was packed wall-to-wall and we were happily overwhelmed with the audience’s responses and questions. This session included important and relevant information for […]
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Bookkeeping & Accounting Strategies for a Cannabis Company
With cannabis legalization spreading like wildfire throughout the country, the marijuana industry is fast on its way to prosperity. The cannabis business landscape is becoming increasingly competitive and cannabis firms that do not adapt their financial strategies accordingly find themselves facing complex financial troubles. Not staying up-to-date with federal regulations and state laws can result […]