Cannabis tax Archives - Cannabis CPA, CFO, Bookkeeping & Accounting Firm

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…

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…

29 Apr 22

Oklahoma Seed-To-Sale Deadline For Metrc Is April 26, 2022!

Effective May 26, 2022, the Oklahoma Medical Marijuana Authority (OMMA) is requiring every commercially licensed cannabis business in Oklahoma to be fully Metrc-compliant. This requires that all plants, seeds, and cannabis products be tagged and tracked by this date. However, this does not apply to transporters, waste facilities, or dispensaries…

20 Aug 19

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…

19 Jun 19

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…

28 Jun 18

How Cannabis Businesses Can Be Taxing: IRC 280E

Although a marijuana business is illegal under federal law, it remains obligated to pay federal income tax on its taxable income because the law does not differentiate between income derived from legal sources and income derived from illegal sources. Everyone in the space knows at least a little about the…

28 Jun 18

A Tax Court Case Emphasizes the Importance of Cannabis Record Keeping

We talked about IRC 280E in our last blog which severely limits the cannabis touching entity’s ability to take deductions on their tax return. IRC §280E disallows deductions and credits to any business trafficking a controlled substance with the only exception of being able to deduct cost of goods sold…

Cannabis tax

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

What Do Cannabis Businesses Need to Understand About Exit Strategies?

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?

Oklahoma Seed-To-Sale Deadline For Metrc Is April 26, 2022!

CAN OTHER RELATED CANNABIS BUSINESSES POTENTIALLY BE SUBJECT TO 280E?

Who Needs to File Form 8300?

How Cannabis Businesses Can Be Taxing: IRC 280E

A Tax Court Case Emphasizes the Importance of Cannabis Record Keeping

Why is Federal Bankruptcy Not Allowed for Cannabis Businesses

The Benefits of Having an Expert Cannabis CFO and Cannabis CPA Firm

Mergers and Acquisitions are the New Normal in the Cannabis Industry

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