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IRS audit management and compliance

From Triage to Full Health: Resolving a Cannabis Company’s IRS Audit with a Wellness Check

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How 420CPA Helped a California Cannabis Business Reduce Its Tax LiabilityClient Overview: A California Cannabis Microbusiness Under AuditA California-based cannabis microbusiness, licensed for cultivation, manufacturing, distribution, and retail, found itself under significant financial stress when the IRS audited its 2019-2021 books. The IRS reclassified the company as solely retail, disallowing manufacturing-related COGS (Cost of Goods […]

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Staffing for Success | Transition Management Series: Part Three

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    Optimizing Staffing for Business Transition Introduction: Managing Staff During Business Transition In Part One of our Transition Management Series, we discussed how 420CPA, led by Rachel Wright, helped facilitate the dissolution of Greenleaf Ventures, ensuring the new owners successfully navigated the early phases of transition. Part Two focused on setting up financial systems […]

The Role of Trade Associations in Supporting Cannabis Business Growth

The Role of Trade Associations in Supporting Cannabis Business Growth

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  As the cannabis industry evolves, businesses face challenges ranging from regulatory complexity to market competition. Trade associations provide invaluable support, helping operators navigate these obstacles through advocacy, resources, and collaboration. Organizations like the Cannabis Chamber of Commerce, Global Cannabis Network Collective (GCNC), and International Cannabis Bar Association (INCBA) bring together experts, leaders, and businesses to drive growth and innovation. 1. […]

Wyden Hemp Bill vs. California’s Ban on Hemp

Wyden Hemp Bill vs. California’s Ban on Hemp: Advocating for Thoughtful Regulation, Not Hasty Bans

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  The federal landscape for hemp and cannabinoid regulation has often been unclear, allowing for misinterpretation and loopholes. With a rapidly evolving industry, it’s no surprise that legislative efforts are ongoing. Recently, Senator Ron Wyden introduced a bill aimed at establishing federal regulations for hemp-derived cannabinoids like CBD. While this bill represents a significant step […]

Governor

Governor Halts Unfair Double taxation of California Cannabis

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  Tax-on-Tax “Tax Stacking” to Continue Governor Gavin Newsom signed Senate Bill 1059 into law on September 28, 2024, halting the double taxation that has plague the state’s cannabis industry since adult-use legalization. “This bill would prohibit a city or county from including in the definition of gross receipts, for purposes of any local tax […]

Benziga

Gear Up for Growth: Why the Benzinga Cannabis Capital Conference is the Must-Attend Event of 2024

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 The Benzinga Cannabis Capital Conference is one of the most influential events in the cannabis investment landscape, offering a deep dive into the industry’s financial and entrepreneurial ecosystems. Taking place in Chicago on October 8th and 9th, 2024, this highly anticipated event is essential for cannabis investors, business leaders, and entrepreneurs looking to explore funding […]

Attendees networking at Hall of Flowers 2024 cannabis event in Santa Rosa, California

Preparing for Hall of Flowers: A Must-Attend Event for Cannabis Professionals in Santa Rosa, CA

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As the cannabis industry continues to expand and evolve, Hall of Flowers stands out as one of the premier events tailored specifically for retail buyers and brand exhibitors. This year’s Hall of Flowers will be held in Santa Rosa, CA, on September 20-21, 2024, and promises to bring together the best from across the California […]

cdtfa

Urgent Action Required to Oppose CDTFA’s Reg. 3802 — Make Your Voice Heard Now!

The CDTFA’s move to permanently enforce Regulation 3802 represents a significant overreach that could drastically affect the cannabis industry by unfairly extending the 15% excise tax to include vape accessories, burdening both retailers and consumers with undue financial strain. With the deadline of September 12, 2024, looming, your participation is critical in averting this unwarranted […]

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