The important weekly cannabis updates for California are in. We have news from Commerce, Cathedral City, Imperial Beach, Woodlake and the National Cannabis Industry Association Conference.
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.
Filed Under: Oregon, News, Taxes, Compliance
August 21 2018
5 Tips for Great Cannabis Business Accounting
Running a cannabis venture can be difficult and stressful. There are complicated regulations and compliance guidelines you must meet; lack of banking services; security to worry about; plus, vendor relationships and customer needs to service daily. One of the last things a cannabis business...
Filed Under: Compliance, Taxes
August 15 2018
How the 280e Tax Regulation Affects Your Cannabis Business
It seems like every day in the United States, another state is moves closer to passing a piece of legislation that supports further legalization of cannabis. States like Oklahoma and Michigan continue make progress toward legalizing recreational cannabis. However, despite the rising...
Filed Under: Compliance, Taxes
The tax code for cannabis in California is detailed and can be slightly confusing. One of the areas where this tax gets particularly complicated is in deciphering who pays the cultivation tax. Today, we will discuss how the cultivation tax specifically applies to cannabis pre-rolls.
Filed Under: Taxes, California
The world of cannabis and cannabis taxes is ever changing. Today, we will highlight three cannabis taxes (cultivation, excise, and sales) and how they apply to immature plants, seeds, and clones.
Filed Under: Taxes
June 27 2018
How to Collect and Disburse the Cannabis Excise Tax
As a cannabis retailer, you probably are aware that you are responsible for collecting the excise tax and paying that money to your distributor. This post goes a little more in-depth into how the process of collecting and disbursing the cannabis excise tax works on discount retail sales in...
Filed Under: Taxes
The 2018 tax reform bill passed by Congress brought a lot of new changes to federal taxes for California cannabis businesses. You may have some questions about how to take advantage of these changes, which is why we’re covering all new deductions, liabilities, and tax considerations in...
Filed Under: Taxes
December 11 2017
Everything You Need to Know About California’s Cannabis Excise and Cultivation Taxes (and Penalties)
January 1 is fast approaching, and as we get closer to the start date for full cannabis legalization in California, the Department of Tax and Fee Administration continues to release regulations and guidelines for cannabis cultivation. GreenGrowth CPAs will continue to provide updates and...
Filed Under: Compliance, Taxes
December 04 2017
5 Tax Questions to Ask When Structuring Your Cannabis Business
So, you want to start a business in California’s booming cannabis industry. Now seems like the perfect time to get in on the ground floor: the market estimates that cannabis will bring an additional $5 billion to California each year. It would be nice to get a slice of that pie, no?