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taxes

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 28 2019

3 Best Tax Software Tools for Cannabis Companies

Continuing our previous coverage of the best POS systems for cannabis companies and our general software recommendations, this guide gives you our picks for the three best tax software tools for cannabis operators.

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Filed Under: Taxes

February 27 2019

199A - Qualified Business Income Deduction for Cannabis Operators

For cannabis business operators starting their tax return, figuring out what deductions you can claim under the 280e can be a challenge. Many of the typical expenses small businesses write off are ineligible to cannabis companies. As a result, you may need to dig a little deeper to find tax...

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Filed Under: Taxes

February 21 2019

The Big List of Things You May Not Deduct Under the 280E

The 280E federal regulation dictates what cannabis operators can deduct on their tax return.

The main thing you need to know is that the IRC 280E prohibits any company operating in connection with a Schedule 1 or Schedule 2 drug from deducting certain business expenses.

Unfortunately,...

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Filed Under: 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: Taxes, Business, Oklahoma

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

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: Taxes, Weekly Update

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

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