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The cannabis industry in the U.S. is growing rapidly. As of February 2022, 37 states allow the medical use of cannabis products, and 18 have enacted measures to regulate cannabis for non-medical use.The growing positive perception of cannabis stems, in part, from significant research aimed at producing better quality plants, uncovering new therapeutic properties, and […]
The state senator from Humboldt County, Senate Majority Leader Mike McGuire (D), has introduced a bill that would eliminate California’s cannabis cultivation tax.[1] The current tax rate is $10.08 per dry-weight ounce for flower and $3 per dry-weight ounce for leaves.[2]Senate Bill 1074 would discontinue, beginning on July 1, 2022, the imposition of the cultivation […]
By Abraham Finberg, CPARachel Wright, CPA MSTAB FinWright LLP and Jim Marty, CPAFounder of Bridge West CPAs and Advisors to the Cannabis Industry ———————————— Montana voters legalized cannabis for medical use in 2016 under the Montana State Initiative I-182[1]. Somewhat similar to states such as California, Initiative I-148, passed in 2004[2], allowed for patient use […]
Our latest article, What Can Cannabis Do For Montana?, was published in the Cannabis Industry Journal: https://cannabisindustryjournal.com/feature_article/what-can-cannabis-do-for-montana/ When Montana became a territory in 1864, its legislators chose as its motto the Spanish words “Oro Y Plata” which means “Gold and Silver.” Gold and silver discoveries brought people to the new territory in droves, and everyone expected […]
The Cannabis Cultivation Tax in California: Breaking it Down Authors: Simon Menkes, Rachel Wright, and Abraham Finberg (Licensed CPA’s in California)___________________________________________________ California Cannabis Tax Increase and the New Revolt California’s cannabis cultivation tax is set to go up again, and one leading cannabis business owner is staging a revolt. On January 1, 2022, the tax […]
Authors: Simon Menkes, Rachel Wright, and Abraham Finberg (Licensed CPA’s in California)___________________________________________________ Welcome to Oklahoma, the Sooner State: In 1889, the federal government opened up the Oklahoma District’s Unassigned Lands on a first-come, first-served basis. Would-be settlers entered the state at the time and date set by the President, and those that arrived at […]
With all the legislative changes related to retirement distributions over the last couple of years, it’s important to have a clear understanding of what to expect for the current year. In particular, it’s critical to know what to expect with Required Minimum Distributions (RMDs) for tax year 2021. RMDs are required distributions investors over a […]
Authors: Simon Menkes, Rachel Wright, and Abraham Finberg (Licensed CPA’s in California)___________________________________________________ When licensed California cannabis cultivators harvest their product, they will pass along the cultivation to tax to a distributor. This tax will eventually be remitted to the California Department of Tax and Fee Administration (CDTFA) by a licensed distributor- sometimes by way of […]
When President Biden signed the American Rescue Plan Act of 2021 in the spring, two refundable payroll tax credits were extended and expanded: the Families First Coronavirus Response Act (FFCRA) and the COBRA Premium Assistance Credit.In 2020, the FFCRA was mandated for all employers with less than 500 employees to provide paid family and sick […]
In early August of this year, the IRS released additional guidance on the Employee Retention Credit. For 2021, the credit was expanded to allow businesses to receive a credit of up to $7,000 per employee per quarter if their operations were fully or partially shut down by government order or if they had a significant […]
