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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 […]
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 […]
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 […]
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 […]
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 […]
LOS ANGELES–California, a trailblazer in the legalization of recreational cannabis, has faced challenges as the industry seeks to establish itself and 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 cannabis sector. In this article we delve into the […]
In the ever-expanding landscape of the cannabis industry, where green is not just a color but a thriving economic force, the question of taxation looms large. As states grapple with the complex task of regulating and taxing cannabis, a taxing dilemma has emerged, raising critical questions about fairness, sustainability, and the industry’s long-term viability. The […]
