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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 […]
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 […]
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 […]
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 cultivation tax, described at RTC 34012 and 18 CCR 3700. The cultivation tax is […]
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 their expenses. As a result, even the best tax planning tends to […]
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 their expenses. As a result, even the best tax planning tends […]
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 their expenses. As a result, even the best tax planning tends […]
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 their expenses. As a result, even the best tax planning tends to […]
If you haven’t already read our recent blog post on the new IRC 471(c) and how cannabis businesses can utilize it to their advantage (“Should you change your accounting method? An emerging cannabis loophole”), you can now read it on the Daily Journal! Check it out here: www.dailyjournal.com/articles/358132-should-you-change-your-accounting-method-an-emerging-cannabis-loophole
