When Facing An IRS Tax Audit, How Do Marijuana Businesses Explain To IRS A Cash Stash Accumulated From The Past? With the proliferation of licensed cannabis businesses sprouting in the State Of California and a growing number of States, a lot of cannabis business will...
On December 22, 2017, President Trump signed into law the 2017 Tax Cuts And Jobs Act. It’s been a good 30 years since the last time the Internal Revenue Code received such a major update. Major Changes From The New Law Include: Compressed And Lower Income Tax Rates...
Federal Court Of Appeals Rules That Cannabis Is Just Like Any Other Industry Subject To IRS Audits On October 20, 2020, the U.S. Court of Appeals for the 10th Circuit issued its opinion ruling against a group of Colorado cannabis dispensaries and their affiliates that...
California Keeping Cannabis Taxes Steady In 2021 The California Department Of Tax And Fee Administration (CDTFA) which oversees the reporting and collection of taxes for the California cannabis industry under Emergency Regulation 3700 established a new category and...
Inyo County Sheriff’s Department Shuts Down Massive Illegal Cannabis Farms Located In The California Wilderness Anyone conducting business in cannabis surely knows that under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I...
U.S. Appeals Court Rejects California Cannabis Business’ Tax Dispute Due To Mailing Mix-Up Two California-based cannabis companies had their petition thrown out of appeals court after it was delivered to court a day late by an unapproved delivery service. Organic...
Arizona Electorate Gets Approval To Put On The Ballot A Measure to Legalize Recreational Cannabis – If You Can’t Beat Them, Then Join Them! Arizona Secretary of State Katie Hobbs tweeted that her office “has certified the signatures submitted by the Smart and Safe...
Twelve Illegal Cannabis Retailers Served Tax Warrants in Greater Los Angeles The California Department of Tax and Fee Administration (CDTFA) oversees the reporting and collection of taxes for the California cannabis industry. On July 8, 2020 the CDTFA announced that...
How To Handle Losses Due to Theft To Reduce California Cannabis Taxes and Sales & Use Tax With the recent wave of break-ins and robberies to local dispensaries in particular, cannabis business should not overlook this opportunity to save taxes. Cannabis Excise Tax...
If you did not report your offshore accounts, crypto currency income or cannabis income earned before 2019, you should hold off on filing your 2019 taxes and instead file an extension. An extension is your way of asking the IRS for additional time to file your tax...
