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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 […]
As many of you know, the cannabis industry is navigating turbulent waters. Recent developments from the Drug Enforcement Administration (DEA) bring both cautious optimism and a reminder of the long journey ahead. The DEA is set to hold a critical hearing on December 2nd at its headquarters to discuss the proposal to reschedule marijuana from […]
At 420 CPA powered by VERDANT Strategies, we don’t just crunch numbers; we craft tailored financial journeys. Here’s how 420 CPA is revolutionizing the CPA client relationship: Responsive, Bespoke ServiceOur clients enjoy access to a team of proactive, responsive professionals ready to assist at every turn. We don’t just respond; we anticipate the needs of our clients, […]
New York state cannabis businesses are now subject to a 9% excise tax, effective this month. The state’s move to an excise tax from a potency tax will help some cannabis businesses survive a difficult market, while smaller businesses may lose out.The tax that aims to support legal expansion of the cannabis market by “simplifying, streamlining and reducing” obligations falls unevenly […]
Form 1099-DIV is used to report dividends and distributions received by individuals, partnerships, and corporations during the tax year. Here are the key purposes and deadlines associated with 1099-DIV so you can be sure you file Form 1099-DIV on-time and with ease. Deadlines to File Form 1099-DIV For the tax year 2023, the deadlines to […]
Staying ahead in the financial world means keeping up with IRS tax forms and deadlines. This article focuses on Form 1099-MISC, a critical document for reporting various payments like rents, awards, and medical services. As we explore the nuances between 1099-MISC and the newer 1099-NEC, you’ll gain essential insights into 1099-MISC’s distinct purposes, helping ensure […]
As the 2024 tax season approaches, cannabis businesses are urged to embrace a forward-thinking and collaborative approach to tax season preparation. Communication and discussions are key. Leading the charge is 420 CPA, a reputable firm in the cannabis industry since 2009, specializing in tax management. Be sure to see our comprehensive list of federal tax […]
Upcoming 1099 Filing and Reporting Deadlines For the tax year 2023, the deadlines for filing 1099-NEC forms are as follows: It’s imperative for businesses and individuals to adhere to these deadlines to avoid penalties and ensure accurate reporting. IRS Instructions (01/2024) Purpose of the 1099-NEC As the tax season approaches, it’s crucial for businesses and […]
DankCan Dispensary*, after operating since recreational legalization in Michigan in 2018, a once-thriving cannabis retailer in Michigan, they found themselves mired in financial turmoil. As most operators, they experienced success within the first few years of adult-use sales in their dispensaries. Introduction: The Challenge The market began to mature, after the first few years of […]
FinCEN’s Corporate Transparency Act Has Arrived Enacted by Congress in 2021, the Corporate Transparency Act (CTA) went into effect on January 1, 2024 and affects more than 30 million American small businesses1 and many smaller foreign companies doing business in the United States. Unless exempted, these businesses must provide ownership information to the Treasury’s Financial […]
