taxes

The IRS has clarified guidance for the cannabis industry.

• 280E applies to all cannabis businesses no matter if the business is legal or illicit
• Form 8300 must be filed with every transaction that is $10,000+
• Cannabis businesses should calculate CoGS based on Internal Revenue Code 471

As tax extensions are coming due, we wanted to share some ‘insider’ thoughts about choosing a CPA to prepare your cannabis business tax returns.Over the past 45 days, our team has been increasingly getting on calls with cannabis operators that chose to go with a local, generalist CPA firm...

Small business owners around the country are in need of help as more and more states ask their citizens to stay at home. Cannabis is no exception.

As of January, 2020, distributors need to know about the CDTFA's changes to California's cannabis excise tax. 

• Distributors will need to pay the excise tax more frequently, and the basis that they calculate the cannabis excise tax on could be lowered, but the markup on that basis has...

This index of the financial accounts in the general ledger saves time and stress when tax season rolls around.

• A COA can generate better, more accurate reporting on your cannabis business performance to help you grow. 
• Transactions are broken into five main categories: assets,...

The outcome of NCBSA v. CIR shows why it's so important to have a licensed tax expert help with your cannabis business taxes. 

• NCBSA claimed $1.5 million in ordinary and necessary business expenses on its 2012 tax return. The IRS disallowed the company’s tax deductions under Section...

AHCA v. Commissioner of Internal Revenue shows that courts are likely to view cannabis management companies as subject to the 280E regulation. 

• Alternative Health Care Advocates used a cannabis management company to provide HR services. 
• The court ruled that this management company...