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taxes

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

March 29 2018

Tax Reform Updates: Should You Convert from an S-Corps to a C-Corps?

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...

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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...

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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?

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Filed Under: Business, Taxes

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