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Staying ahead in the financial world means keeping up with IRS tax forms and deadlines. This article focuses on Form 1099-MISC, a critical document for reporting various payments like rents, awards, and medical services. As we explore the nuances between 1099-MISC and the newer 1099-NEC, you’ll gain essential insights into 1099-MISC’s distinct purposes, helping ensure […]
One of the goals of California Assembly Bill 195, signed into law by Governor Gavin Newsom on June 30, 2022, was to bring tax relief to the cannabis industry, a class of businesses notoriously challenged by heavy taxes. To this end, the Franchise Tax Board is currently offering two tax credits. In addition to the […]
As the 2024 tax season approaches, cannabis businesses are urged to embrace a forward-thinking and collaborative approach to tax season preparation. Communication and discussions are key. Leading the charge is 420 CPA, a reputable firm in the cannabis industry since 2009, specializing in tax management. Be sure to see our comprehensive list of federal tax […]
Upcoming 1099 Filing and Reporting Deadlines For the tax year 2023, the deadlines for filing 1099-NEC forms are as follows: It’s imperative for businesses and individuals to adhere to these deadlines to avoid penalties and ensure accurate reporting. IRS Instructions (01/2024) Purpose of the 1099-NEC As the tax season approaches, it’s crucial for businesses and […]
On June 30, 2022, Governor Gavin Newsom signed California Assembly Bill 195 into law, a bill specific to the cannabis industry. One of the goals of this bill was to bring tax relief to a class of businesses notoriously challenged by heavy taxes. To this end, the Franchise Tax Board is offering two tax credits: […]
With the latest movie about Napoleon out, I’ve been thinking about what kind of military lessons we can glean from the Napoleonic wars. I received formal military training regarding strategy and operations. I don’t pretend to be brilliant in either strategy or operations but the training has given me an appreciation for the subject. Napoleon […]
DankCan Dispensary*, after operating since recreational legalization in Michigan in 2018, a once-thriving cannabis retailer in Michigan, they found themselves mired in financial turmoil. As most operators, they experienced success within the first few years of adult-use sales in their dispensaries. Introduction: The Challenge The market began to mature, after the first few years of […]
FinCEN’s Corporate Transparency Act Has Arrived Enacted by Congress in 2021, the Corporate Transparency Act (CTA) went into effect on January 1, 2024 and affects more than 30 million American small businesses1 and many smaller foreign companies doing business in the United States. Unless exempted, these businesses must provide ownership information to the Treasury’s Financial […]
Reprinted with the permission of Bloomberg Tax Rachel Wright, Abraham Finberg, and Simon Menkes explain the legislative battle over Ohio’s latest cannabis bill and its potential impact on social equity. Faced with legislative inaction on cannabis, Ohio voters approved Issue 2 on Nov. 7 and made the state the 24th in the US to allow adult-use sales. The […]
LOS ANGELES–California, a trailblazer in the legalization of recreational cannabis, has faced challenges as the industry seeks to establish itself and cannabis companies in California make great efforts to flourish within the state. The California Department of Tax and Fee Administration (CDTFA) has emerged as a pivotal player, sparking debates and concerns within the sector […]
