Tax Check List

By |February 13th, 2017|

As December 31 fades in the rearview mirror and another year appears in the headlights, it’s time to think ahead to 2017 Tax Season. The Tax Man will be here sooner than you think.

While reviewing year-end financials, keep these things in mind:
Cash
Count your cash

When thinking of the cannabis industry, one thinks of cash. And lots of it, […]

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 […]

Election Day 2016: 420 Ballot Issues

By |November 7th, 2016|

As Election Day 2016 nears, marijuana activists are assuring cannabis gets its day in the sun and on the ballot. And whether you counting 13, 8 0r 5 states, marijuana will be on the ballot this fall.
Election Day 2016
Arizona – The Arizona Regulation and Taxation of Marijuana Act would legalize the possession of up to one […]

Oregon to Vote on Recreational Pot Again

By |October 26th, 2016|

Election Day 2016 offers Oregon voters more than Presidential choices. It offers Oregon voters in 50 plus communities the chance to opt-into the recreational cannabis market. The very lucrative, ever growing, cannabis market. Communities seeking tax dollars to replace dying industires like logging and mining are looking to gain tax dollars from retail cannabis sales. Sales those communities rejected […]

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 […]

Election Day 2016: 420 Ballot Issues

By |September 28th, 2016|

As Election Day 2016 nears, marijuana activists are assuring cannabis gets its day in the sun and on the ballot. And whether you counting 13, 8 0r 5 states, marijuana will be on the ballot this fall.

Pundits say states (and a Commonwealth) looking to vote on some form of cannabis legalization include: Arkansas, Arizona, California, […]

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 […]

Cannabis Bits and Briefs

By |July 29th, 2016|

Commonwealth of the Northern Mariana Islands
The United Nations Office on Drugs and Crime World Drug Report 2011 says compared to other countries and based on the percentage of adults and youth (ages 15-64), who have consumed cannabis in the past year, the Northern Mariana Islands ranked second in the world for cannabis use at 22 […]

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 […]

Tuesday News Wrap

By |July 19th, 2016|

Coalinga City Council to Sell Claremont Custody Center to Ocean Grown Extracts

Recently the Coalinga City Council (California) approved the sale of the Claremont Custody Center to Ocean Grown Extracts. The sale price? $4.1 million. Coalinga expects also to collect “around $2 million per year in rent and fees” from the mmj extraction facility

Ocean Grown Extracts […]