$10,000 Cash Advance Webinar
In this webinar, we’ll be discussing the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP). We’ll take you through the application for the $10,000 cash advance portion of the EIDL online so that you can feel familiar with the process. We’ll...
$10,000.00 Cash Advance Application
To all our dear clients: The Small Business Administration is now taking pre-applications for the COVID 19 Economic Injury Disaster Loan Application to issue $10,000.00 cash advances. All federally legal business entities, including schedule C sole proprietorships may...
Keep Calm and File Tax Returns!
To our valuable clients. We are open. Our staff is versed in a secure virtual private network (VPN) as well as receipt of telephone calls while working remotely. We are accepting accounting and tax work as scheduled prior to the COVID 19 pandemic. Our workflow is...
Abraham Finberg was nominated for Accountant of the Year by California Cannabis Awards
View this post on Instagram It’s all cash in cannabis, baby. Now you need great accountants to track it all and ensure you’re set up for long term financial growth. Here are the Top 5 nominees for the 2019 California Cannabis Awards CPA/Accountant of the...
Can You Save On Income Tax? (And Other Taxes Too!)
Written by Abraham Finberg CPA and Simon Menkes CPA As most people in the industry already know, due to Internal Revenue Code (IRC) 280E, cannabis businesses may only reduce their income with cost of goods sold (the cost of the product) to lower gross profit and save...
Tax Issues Surrounding Arm’s Length vs. Non-arm’s Length Transactions
Written By Simon Menkes CPA and Abraham Finberg CPA When we meet non-cannabis people at Hollywood parties and they find out the industry we serve, their reactions are pretty typical: “Do you get free weed?” and “Can you explain that 280E law? It's so confusing!” While...
The (Cannabis) Clone Wars
Written by Abraham Finberg CPA and Simon Menkes CPA “A long time ago, in a galaxy far, far away …” It is a time of civil war, and the REBEL CANNABIS BUSINESS OWNERS are fighting battles on all fronts with the STORMTROOPERS from the federal, state, and local TAX...
Will the IRS Accept Cash Income From Growing Cannabis? You Bet!
How to navigate reporting and paying taxes on cash income without being able to get a business bank account? Does the IRS care whether the income reported is cash from growing Cannabis? Find out in this panel discussion with Simon Menkes, CPA.
Harborside’s Battle with Section 280e
Written by Abraham Finberg, CPA and Simon Menkes, CPA In December of 2018, the Grinch visited more than just a few unlucky homes in America. He also appeared in the guise of a couple of judges who ruled on the Harborside and Alternative/Wellness (Donald Duncan)...
The Excise Tax: The Calculations Behind the 15% Tax on Cultivation
On January 01, 2018, when California cannabis cultivators harvest products enter the commercial market, they will need to pay their distributor $9.25 per dry-weight ounce of cannabis flowers, and $2.75 per dry-weight ounce of cannabis leaves. That sentence is quite...