Tax

April 14, 2021

The IRS and Cannabis – 2021 and Onward: Federal Tax Procedure – Audit, Dispute, Resolution: Part 1

“Preparation time is never wasted time.” Anonymous__________________________________________________________________ Part I – “The IRS Audit Process” is the first of a 3-Part Series on “Federal Tax Procedure- Audit, Dispute, Resolution for the Cannabis Industry for years 2021 and Onward.” Please subscribe to our newsletter to be notified of future publications in this series, live webinars, and other […]

April 7, 2021

The IRS and Cannabis – 2021 and Onward: Federal Tax Procedure – Audit, Dispute, Resolution – Introduction

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“Preparation time is never wasted time.” Anonymous__________________________________________________________________ This Introduction precedes a 3-Part Series on “Federal Tax Procedure- Audit, Dispute, Resolution for the Cannabis Industry for years 2021 and Onward.” Please subscribe to our newsletter to be notified of future publications in this series, live webinars, and other relevant tax topics for the cannabis industry written […]

March 22, 2021

Federal Tax Deadline Extended to May 17th, 2021 for INDIVIDUALS ONLY (NOT C Corps, Trusts, & Estates)

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The IRS announced a change in the deadline for certain federal tax return and payment due dates. Here is what is extended as of this posting (March 19, 2021): 2020 Individual 1040 returns are now due May 17, 2021 2020 Individual 1040 tax payments are now due May 17, 2021 What the Announcement Left Out! […]

March 10, 2021

FORM 8300 (Cash payments received of over $10,000)

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Summary In the cannabis industry, due to lack of banking, cash has truly been king. Compliance is critical when receiving large amounts of cash from customers as the penalties can be cost prohibitive to operating your business. We’ve offered a short guide here to filing form 8300 and other helpful resources. Background As part of the […]

February 12, 2021

How Auditors “Prove” You Didn’t Pay Your Taxes – Lack of Banking Presents Even More Obstacles in Cannabis Industry

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Innocent until proven guilty… NOT. When it comes to paying taxes, auditors have an advantage: you have to prove you filed your taxes correctly; once you do, it’s their job to show your proof is wrong. You gave them your point of sale records, bank statements (if your company has them), and all your tax […]

February 5, 2021

Federal Tax Filing Deadlines for 2021

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An earlier version of this blog had the wrong date for FBAR. It should be April 15, 2021. Please accept our apologies for the inconvenience. The IRS will begin accepting and processing 2020 tax year returns on Friday, February 12, 2021. Please note FEDERAL INCOME TAX filing deadlines for calendar year taxpayer are as follows […]

November 10, 2020

Cannabis Rates to Remain the Same on January 1, 2021

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Source: CA Department of Tax and Fee Administration Due to new legislation, Assembly Bill 1872 (Stats. 2020, ch. 93), the cannabis excise tax mark-up rate and the cultivation tax rates will not change on January 1, 2021. Cannabis Excise Tax Mark-up RateThe cannabis excise tax mark-up rate used by distributors to compute the average market price of cannabis […]

October 19, 2020

A 39-Item Tax and Accounting Year-End Checklist for Your Small Business

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Keeping your accounting records up to date all year long is essential for any business so you can see exactly where your business stands and be able to make thoughtful decisions based on clean numbers. At year-end, there are a few extra accounting tasks to finish so that your books are ready for the tax […]

September 14, 2020

Limits on the Installment Method of Accounting For Gain

Andrew Gradman News, Tax

When a seller is paid over several years, she may be eligible to report some of the gain pro rata with each installment, rather than all at once. See IRC §453(c) (installment method defined). However, the installment method is not always available. In some cases, installment treatment is denied because of some feature of the […]

September 7, 2020

Incentive under the CARES Act to Invest in Capital-Intensive Businesses In 2020

Andrew Gradman News, Tax

By Andrew Gradman Published at www.gradmantax.com on August 17, 2020. This article is intended for general information only and does not constitute legal advice. Every investment must be evaluated on its specific facts, and every investor should seek tax advice tailored to his or her individual circumstances. SUMMARY This article describes an incentive to […]

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