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

by Abraham Finberg | Feb 12, 2021 | 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...

The IRS and Cannabis – 2021 and Onward – Part 1

by Abraham Finberg | Feb 1, 2021 | Cannabis Business, Tax

Federal Tax Procedure- Audit, Dispute, Resolution“Preparation time is never wasted time.” Anonymous _______________________________________________________________________________________________________________________Part I – “The IRS Audit Process” is the first of...

The IRS and Cannabis – 2021 and Onward

by Abraham Finberg | Jan 26, 2021 | Cannabis Business, Tax

Federal Tax Procedure- Audit, Dispute, Resolution“Preparation time is never wasted time.” Anonymous _______________________________________________________________________________________________________________________This Introduction precedes a 3-Part Series on...

Cannabis Rates to Remain the Same on January 1, 2021

by Abraham Finberg | Nov 10, 2020 | 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 Rate The cannabis...

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

by Abraham Finberg | Sep 11, 2020 | Cannabis Business, News

Source: Manzuri Law

The Mechanics of the Cannabis Cultivation Tax in California

by Abraham Finberg | Jul 24, 2020 | Cannabis Business, Tax

By Andrew Gradman Esq and AB FinWright Partners Abraham Finberg & Rachel Wright In addition to the sales and use tax, California cannabis businesses pay two unique taxes: The cannabis excise tax, and the cannabis cultivation tax. This article discusses the...
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