Cannabis operators take on a lot of risk by entering this growing market – with financial risk being the biggest liability of all.
March 06 2019
Partnership Audit Rules for Cannabis Companies
Has tax season got you worried about getting audited?
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.
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...
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,...
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...
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).
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...
Filed Under: Compliance, Taxes, Finance
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.
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.
Filed Under: News, Compliance, Taxes, Oregon