The Tax Man Cometh

By |February 12th, 2017|

The Tax Man cometh, and cometh and cometh. At least that’s how it feels in cannabis Colorado. The Internal Revenue Service is auditing some 30 cannabusiness pioneers for tax years 2014 and 2015 because of the cash nature of the industry.

Uncle Sam has a way of keeping track of drug (expect pharmaceuticals) money with IRS […]

The Tax Man Cometh

By |October 20th, 2016|

The Tax Man cometh, and cometh and cometh. At least that’s how it feels in cannabis Colorado. The Internal Revenue Service is auditing some 30 cannabusiness pioneers for tax years 2014 and 2015 because of the cash nature of the industry.

Uncle Sam has a way of keeping track of drug (expect pharmaceuticals) money with IRS […]

Prevention: Key to Success

By |August 11th, 2016|

“Take the bite out of crime,” McGruff, the crime fighting dog, says.

In the cannabis industry it’s more “An ounce of prevention is worth a pound of cure.” Marijuana pound that is.

Dispensaaries are a target for burglers. Criminals know the marijuana industry is all cash, and lots of it. With cash dealings and processed product, theives think […]

Section 280E

By |August 3rd, 2016|

Section 280E of the Internal Revenue Code forbids businesses from deducting otherwise ordinary business expenses from gross income associated with the “trafficking” of Schedule I or II substances, as defined by the Controlled Substances Act. The IRS has applied Section 280E to state-legal cannabis businesses, since cannabis is a Schedule I substance.

Whether charges will be filed […]

The Tax Man

By |July 28th, 2016|

The Tax Man cometh, and cometh and cometh. At least that’s how it feels in cannabis Colorado. The Internal Revenue Service is auditing some 30 cannabusiness pioneers for tax years 2014 and 2015 because of the cash nature of the industry.

Uncle Sam has a way of keeping track of drug (expect pharmaceuticals) money with IRS […]