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taxes

February 19 2019

How to Beat the Competition in Oklahoma’s Cannabis Market

Oklahoma legalized medical cannabis in June 2018, and since then, the market has exploded with dispensaries and grow operations.

By our count, the Oklahoma market has more than 1600 growers, 436 processors, and 947 dispensaries – a very competitive landscape for anyone wishing to enter the...

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Filed Under: Oklahoma, Business, Taxes

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: Taxes, Compliance

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: Finance, Taxes, Compliance

October 08 2018

A Look at this Week in California's Local Cannabis Ordinance and Applications Scene

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.

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Filed Under: Weekly Update, Taxes

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: 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...

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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...

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Filed Under: Compliance, Taxes

July 04 2018

How Does California’s Cultivation Tax Apply to Cannabis Pre-Rolls?

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.

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Filed Under: Taxes, California

June 27 2018

How Do Cannabis Taxes Apply to Immature Plants, Seeds and Clones?

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.

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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...

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Filed Under: Taxes