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In this 2-part series, we investigate the possible legalization of adult use cannabis in Pennsylvania. Part 1 examines the two bills being currently debated by the state legislature and compares the fees, taxes, and social equity aspects of each. Part 2 investigates the concerns and controversy surrounding each bill and tries to answer the question: […]
On December 15, 2023, California’s Office of Administrative Law (OAL) approved the CDTFA’s Emergency Regulation 3802 significantly increasing the excise tax burden on the state’s cannabis industry. Catalyst Cannabis Company, one of California’s largest retailers and a leading advocate for fair treatment of cannabis by government, has filed suit challenging Reg. 3802. If Catalyst is […]
We recently wrote about the closure of California’s High Road Cannabis Tax Credit. In another example of California’s disregard for the cannabis industry, it now appears the Department of Cannabis Control’s Equity Fee Waiver is no longer being offered. Many are worried that the CDTFA’s Vendor Compensation, whose application requires that a business be approved […]
Reprinted With The Permission Of Bloomberg Tax ABFinWright’s Rachel Wright, Abraham Finberg, and Simon Menkes say Missouri’s two cases on cannabis “tax stacking” show how the practice drives consumers to the illicit marketplace. Two cases in Missouri—one that is headed to court in May—seek to stop some counties from tax stacking a cannabis tax on […]
The Corporate Transparency Act has been halted. This injunction poses relief, and uncertainty, for small businesses grappling with compliance costs. As it faces potential Supreme Court deliberation, the act’s implications on privacy, regulatory burdens, and anti-money laundering efforts remain a critical debate. The Corporate Transparency Act, which went into effect on January 1, 2024, and […]
California’s cannabis industry faces a significant setback with the High Road Cannabis Tax Credit (HRCTC) reaching its limit far earlier than the intended end date. The rapid allocation underscores the critical demand among cannabis retailers and micro-businesses for financial relief through tax credits, highlighting the state’s complex regulatory and tax landscape for the cannabis sector. […]
Reprinted With The Permission Of Bloomberg Tax New York Gov. Kathy Hochul’s proposal to replace the state’s cannabis potency tax with an excise tax will help lower taxes for the legal cannabis industry as a whole, say ABFinWright’s Rachel Wright, Abraham Finberg, and Simon Menkes. New York Gov. Kathy Hochul (D.) on Jan. 16 recommended […]
Cannabis Companies Challenge 280E and the Controlled Substances Act with Cannabis Tax Cases As the nation’s cannabis industry eyes Washington D.C. in the hopes that cannabis will be reclassified from Schedule 1 to Schedule 3 of the Controlled Substances Act, thereby making 280E not-applicable, five companies are taking matters into their own hands with aggressive […]
In South Dakota’s journey towards adult-use sales, 420 CPA explores the future of South Dakota cannabis tax and finance for companies currently facing the challenging landscape. Advocates in the state are preparing for another battle to legalize adult-use cannabis by 2024, with two competing initiatives underway, but the future remains uncertain as we navigate the […]
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 […]
