For cannabis businesses, federal income taxes can be ruinous—even in loss years. Unlike other industries, which pay income taxes only on actual income, cannabis businesses, defined in federal law as drug traffickers, are singled out for an extra tax on a portion of...By Andrew Gradman, Abraham Finberg, and Rachel Wright Andrew Gradman is a tax attorney in Los Angeles. Abraham Finberg and Rachel Wright are principals at AB FinWright LLP. For cannabis businesses, federal income taxes can be ruinous—even in loss years. Unlike other...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...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!”...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...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.