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Reprinted with the permission of Bloomberg Tax: read the original publication here.Cannabis accounting experts say record-keeping is crucialState estimates millions in deductions for next two yearsWith Senate Bill 654 signed into law earlier this summer, and with House Bill 1994 to follow shortly, Pennsylvania cannabis companies will no longer be forced to limit their deductions to cost of goods […]
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 […]
For cannabis businesses, October 15th completes the last tax hurdle for the previous year. 2023 is finally closed out. Now, it’s time to set our sites on that biggest of all hurdles: YEAR-END!October 15th has been a crucial opportunity to finalize financial records and ensure that tax obligations are met. This milestone is about more […]
Reprinted with the permission of MJ Biz: read the original publication here. When Republican presidential candidate Donald Trump came out in favor of Amendment 3, the adult-use marijuana ballot measure slated for a vote on Nov. 5, it was yet another surprising wrinkle in the ongoing effort to legalize recreational cannabis in Florida. “As a Floridian, […]
Still in Effect Experts warn hikers that injured rattlesnakes can pretend to be dead but will attack if a person approaches too closely. Even dead rattlers have a strong bite reflex that lasts for hours after the snake has been eliminated, and the heads of decapitated rattlesnakes have been known to turn around and […]
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 […]
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 […]
