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compliance

October 01 2019

Everything Cannabis Operators Need to Know About Form 8300

Recently, our experts have heard reports of cannabis operators being penalized for failing to submit IRS Tax Form 8300

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Filed Under: Compliance, Taxes, Finance

September 03 2019

Managing Cannabis Employee and Contractor Payroll with Cash

Due to federal regulations restricting cannabis operators’ access to traditional banking, many cannabis companies are forced to pay their operational costs in cash.

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Filed Under: Compliance, Taxes, Finance, Operations

March 06 2019

Partnership Audit Rules for Cannabis Companies

Has tax season got you worried about getting audited?

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Filed Under: Compliance, Taxes

February 04 2019

Everything You Need to Know About METRC Cannabis Tracking, Reporting & Compliance

METRC has been in the news in California recently with the approval of Resolution 3702, which approved a new vendor TrackLoop.

This new software vendor will provide a new option for cannabis operators hoping to comply with California’s Track-and-Trace requirements.

There’s still a lot of...

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Filed Under: California, Compliance

January 31 2019

Tax Preparation Checklist for Cannabis Operators

Despite the government shutdown, tax season has officially begun. Income tax-filing season opened January 28, 2019. You have until the deadline of April 15 to submit your business tax return (unless you qualify for an extension).

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Filed Under: Compliance, Taxes

January 24 2019

What to Expect in a Tax Audit

Did you know that cannabis businesses are five times more likely to face an IRS business audit?

Federal regulations like the Cole Memorandum make it difficult to do business in the legal cannabis market, and because banks often won’t accept cannabis money, cannabis businesses deal in a lot...

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Filed Under: Compliance, Taxes, Finance

December 06 2018

Lessons for Cannabis Operators from Harborside vs. IRS

Even the most accomplished, groundbreaking leaders in the cannabis industry overlook things – especially where it concerns cannabis taxes and the 280E. A closer look at the case involving Harborside Health Center, the largest non-profit medical cannabis dispensary in California,...

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Filed Under: News, Compliance

November 08 2018

Everything You Need to Know About Cannabis Standard Operating Procedures

When you apply for an adult-use cannabis business license, the application is likely going to ask you to detail your standard operating procedures (SOPs). These are a critical factor in helping your license application get approved – as well as key to making sure your cannabis business runs...

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Filed Under: Compliance, Business

October 04 2018

IRS Penalizes Cannabis Operator for Federal Income Tax Evasion

The first federal sentencing of a legal cannabis business by the IRS is in the books – and it resulted in heavy fines and jail time for a cannabis operator in Oregon.

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Filed Under: News, Compliance, Taxes, Oregon

September 18 2018

Common Cannabis Bookkeeping Mistakes (And How to Avoid Them)

Cannabis businesses are like any other legal business that relies on accurate information and reporting. The biggest difference in bookkeeping for cannabis companies lies in the massive amount of cash being collected, and therefore greater potential for error – or worse, fraud. Successful...

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Filed Under: Compliance, Business