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The IRS has begun accepting and processing 2022 tax year return filings as of January 23rd 2023. Please note FEDERAL INCOME TAX filing deadlines for calendar year taxpayer are as follows in 2023 for the 2022 tax year: PARTNERSHIPS AND S CORPS:Returns due on March 15,2023, Extended due date September 15, 2023.Please note that […]
Rhode Island’s Traditional Dislike of Cannabis: Although Rhode Island is the USA’s smallest state, it has traditionally taken an out-sized dislike for cannabis and its users. It first banned cannabis in 1918, and up until recently, had some of the strictest mandatory minimum sentences for large-scale possession, sentencing those with more than 5 kg (11 […]
THE CANNABIS EQUITY TAX CREDIT 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 […]
CDTFA Releases Retail Calculation Examples In a few days, all California cannabis retailers and microbusinesses making retail sales will need to begin collecting excise tax from their customers. The CDTFA released examples showing the correct calculation of excise tax and sales tax for all retail sales on or after January 1, 2023. In their example, the […]
Changes are coming with regards to the collection and payment of cannabis excise taxes is coming to the State of California. Starting January 1, 2023, cannabis retailers will be responsible for collecting excise tax directly from their customers, replacing distributors who’ve handled this task since 2018. The taxes will be calculated on the actual retail […]
Redistributed from the California Tax and Fee Administration – Cannabis Special Notice——————————————————————————- On and after January 1, 2023, distributors, including microbusinesses that distribute cannabis, will no longer be responsible for collecting and paying the cannabis excise tax to the California Department of Tax and Fee Administration (CDTFA) for cannabis or cannabis products sold or transferred to cannabis retailers. Cannabis […]
The enactment of Assembly Bill 141 on July 12, 2021 radically altered the taxability of cannabis trade samples. Effective September 29, 2021, excise tax no longer applied to cannabis flower or cannabis products provided to other licensees as trade samples. But not all licensees can give out trade samples: only cultivators, manufacturers, distributors, and microbusinesses, […]
With Wednesday’s approval of California’s 2022-23 budget, and after Governor Newsom’s signature on the budget last night, California’s cultivation tax was finally eliminated![1] The governor had taken wording from a recently proposed bill eliminating the cultivation tax, authored by Senator Mike McGuire of Humboldt County, and incorporated it into his proposed budget as a cannabis trailer […]
You can find our article, An Update on Missouri Legalization & Taxes, in the latest publication of Cannabis Industry Journal here: https://cannabisindustryjournal.com/news_article/an-update-on-missouri-legalization-taxes/ Reprinted with the permission of Cannabis Industry Journal ————————————————– Some states, like California, Colorado and Washington, have welcomed cannabis with open arms while others have taken a while to come […]
The CDTFA has announced they will reduce cannabis excise taxes from the current rate of 80% down to 75%, effective July 1, 2022.[1] This rate impacts the markup between the wholesale cost and retail selling price of cannabis products. The 80% markup has stood unchanged since January 1, 2020.This rate change will affect the amount […]
