acceleratorsupport

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March 17, 2021

Cannabis Taxpayers Find Flaws in New Accounting Method Rules

acceleratorsupport Cannabis Business, Featured Article

Reproduced with permission. Published March 04, 2021. Copyright R 2021 The Bureau of National Affairs, Inc. 800-372- 1033. For further use, please visit https://www.bloombergindustry.com/copyright-and-usage-guidelines-copyright/ —————————————————————————– Andrew Gradman of the Law Office of Andrew L. Gradman, and Abraham Finberg and Rachel Wright of AB FinWright LLP argue that new final regulations—stating that tax code Section 471(c) cannot […]

March 10, 2021

FORM 8300 (Cash payments received of over $10,000)

acceleratorsupport Bookkeeping, Cannabis Business, Tax

Summary In the cannabis industry, due to lack of banking, cash has truly been king. Compliance is critical when receiving large amounts of cash from customers as the penalties can be cost prohibitive to operating your business. We’ve offered a short guide here to filing form 8300 and other helpful resources. Background As part of the […]

February 12, 2021

How Auditors “Prove” You Didn’t Pay Your Taxes – Lack of Banking Presents Even More Obstacles in Cannabis Industry

acceleratorsupport Cannabis Business, Tax

Innocent until proven guilty… NOT. When it comes to paying taxes, auditors have an advantage: you have to prove you filed your taxes correctly; once you do, it’s their job to show your proof is wrong. You gave them your point of sale records, bank statements (if your company has them), and all your tax […]

February 5, 2021

Federal Tax Filing Deadlines for 2021

acceleratorsupport Tax

An earlier version of this blog had the wrong date for FBAR. It should be April 15, 2021. Please accept our apologies for the inconvenience. The IRS will begin accepting and processing 2020 tax year returns on Friday, February 12, 2021. Please note FEDERAL INCOME TAX filing deadlines for calendar year taxpayer are as follows […]

November 10, 2020

Cannabis Rates to Remain the Same on January 1, 2021

acceleratorsupport Cannabis Business, News, Tax

Source: CA Department of Tax and Fee Administration Due to new legislation, Assembly Bill 1872 (Stats. 2020, ch. 93), the cannabis excise tax mark-up rate and the cultivation tax rates will not change on January 1, 2021. Cannabis Excise Tax Mark-up RateThe cannabis excise tax mark-up rate used by distributors to compute the average market price of cannabis […]

October 19, 2020

A 39-Item Tax and Accounting Year-End Checklist for Your Small Business

acceleratorsupport Accounting, Business Tips, Tax

Keeping your accounting records up to date all year long is essential for any business so you can see exactly where your business stands and be able to make thoughtful decisions based on clean numbers. At year-end, there are a few extra accounting tasks to finish so that your books are ready for the tax […]

September 11, 2020

You Asked, We Answered: Cannabis- New LA Ordinance Live Q&A Session

acceleratorsupport Cannabis Business, News

Source: Manzuri Law

August 28, 2020

IRS Filing Deadlines & Penalties

acceleratorsupport News, Tax

IT’S TIME TO FILE YOUR TAX RETURNS! On June 29, 2020, the Internal Revenue Service announced that the tax filing deadline of July 15 will not be postponed. Thus, individuals, trusts, estates, C-corporations, and others with an April 15 deadline who filed for an extension on or before July 15, 2020 will have until October […]

August 7, 2020

California City & County Sales & Use Tax Rates (effective July 1, 2020)

acceleratorsupport News, Tax

Please note that Sales and Use Tax rates changed in California Cities and Counties are effective July 1 2020. Be sure to visit the CDTFA to determine the appropriate tax rates for your transactions. https://cdtfa.ca.gov/taxes-and-fees/rates.aspx As always, please feel free to reach out to us with any questions!

July 24, 2020

November 2020 Ballot Measure Would Limit Proposition 13

acceleratorsupport News, Tax

By Andrew Gradman, Esq. An earlier version of this article was published by California Continuing Education of the Bar (CEB.com) on June 25, 2020 On May 29, 2020, the California Secretary of State announced that the California Schools and Local Communities Act of 2020 qualified for the November ballot. The measure would create a “split […]

acceleratorsupport

About acceleratorsupport

Posts by :

Cannabis Taxpayers Find Flaws in New Accounting Method Rules

FORM 8300 (Cash payments received of over $10,000)

How Auditors “Prove” You Didn’t Pay Your Taxes – Lack of Banking Presents Even More Obstacles in Cannabis Industry

Federal Tax Filing Deadlines for 2021

Cannabis Rates to Remain the Same on January 1, 2021

A 39-Item Tax and Accounting Year-End Checklist for Your Small Business

You Asked, We Answered: Cannabis- New LA Ordinance Live Q&A Session

IRS Filing Deadlines & Penalties

California City & County Sales & Use Tax Rates (effective July 1, 2020)

November 2020 Ballot Measure Would Limit Proposition 13

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