State & Local Regulation
Regulations imposed by state agencies and local governments requires a detailed and daily compliance plan managed and maintained by experienced professionals that is backed up with diligent and accurate record keeping. Learn how we can help maintain compliance to avoid license suspension and penalties.
Banking Challenges
Many banks remain reluctant to do business with businesses in the cannabis industry and as it is with any cash-based business, the IRS scrutinizes the amount of gross receipts to report and it is harder to prove to the IRS expenses paid in cash. Learn how we can help set up the proper facilities and procedures to maintain an adequate system to overcome these challenges.
Federal Prosecution
Despite legalization by a growing number of states, the cultivation, distribution and sale of cannabis at the Federal level is an unlawful activity that could lead to criminal prosecution. Learn how we can help limit this exposure and position your business with the lowest risk possible.
Tax Challenges
Despite a growing number of States legalizing cannabis, the Internal Revenue Code still taxes cannabis businesses differently that without the proper planning could result in paying at least three times as much in taxes as a non-cannabis business. Learn how we can help reduce your taxes.
Why Use a Cannabis Tax Attorney?
The legal and tax challenges to operate a successful cannabis business are enormous – one wrong mistake may result in serious consequences.
High Stakes Cannabis Tax Planning & Defense.
The Law Offices Of Jeffrey B. Kahn, P.C. is a full service cannabis law firm representing our clients in high stakes cannabis business and tax issues.
As the legalized cannabis industry continues to develop, early entrepreneurs face uncertain federal enforcement and everchanging local and state regulations. California along with a growing number of other states may well be a cannabis-friendly state but it still remains a Schedule 1 narcotic under Federal law. Despite the risk of criminal prosecution at the Federal level, cannabis businesses are still obligated to pay federal income tax on income because the Internal Revenue Code does not differentiate between income derived from legal sources and income derived from illegal sources. Unlike typical businesses, a cannabis business faces unique state taxes, complex tax audits and limited deductions under Internal Revenue Code §280E. These challenges face cannabis producers, distributors and sellers as well as ancillary providers such as property owners, equipment providers, investors and insurers.
How can we help?
- Cannabis Applications
- Regulatory Compliance
- Investment Transactions & Contracts
- Business Law
- Tax Planning & Representation
- Tax Litigation & Criminal Tax Defense
- Entity Structuring & Inter-company Agreements
- Accounting Systems & Record-keeping
- Cash Management Support Services
Get compliant. Stay in business.
We follow the trends and new developments impacting the cannabis industry and defend our clients from legal action, investigations and examinations by government authorities so we know what to advise our clients to minimize their risk and exposure.
Being proactive with effective tax planning and proper operating procedures is the best way to avoid mistakes that could result in higher taxes, exorbitant fines and penalties, suspension of your license – or even your freedom.
Local connection. Comprehensive cannabis focused expertise.
From our firm’s headquarters in Irvine, California with offices in Southern and Northern California we can help you deal with local, state and federal authorities regarding legal structure and transactions, tax compliance and planning, accounting systems and cash management to minimize your taxes and conduct business in a manner that avoids prosecution by the Federal authorities and meets State & Local laws and regulations to ensure your cannabis business remains operational. Let us provide you with creative and cost-effective legal counsel to cannabis businesses and develop compliance solutions and effective legal defense. Protect your business and livelihood, and minimize your taxes. Don’t delay call us today!
Cannabis / Marijuana Tax News
One Big Beautiful Bill Tax Act – How Can You Benefit?
President Trump Could Be The Game Changer For Reclassifying Cannabis
President Trump Removed IRS Commissioner Billy Long After Two Months Of Service. What Could This Mean To The Future Of IRS Tax Enforcement?
One Big Beautiful Bill Tax Act – How Can You Benefit?
One Big Beautiful Bill Tax Act – How Can You Benefit?
One Big Beautiful Bill Tax Act – How Can You Benefit?
One Big Beautiful Bill Tax Act – How Can You Benefit?
One Big Beautiful Bill Tax Act – How Can You Benefit?
One Big Beautiful Bill Tax Act – How Can You Benefit?
