1031 Exchange – Depreciation Recapture
A 1031 exchange is an allowed method to avoid paying capital gains tax on investment property. If you own property, either personal rental or for business use and…
IRS extension, penalties and fees
All businesses are required to pay estimated taxes quarterly. Due dates for estimated tax payments Payment When Income Earned Due Date 1st Payment January 1 to March 31…
Cannabis Accounting Process
The accounting cycle for Cannabis businesses, as for regular business, starts with the procurement or purchasing of goods and services to make your products. Continuing through production and…
IRS Form 8300 Reporting
The IRS requires you to report when you get paid cash in excess of $10k in a single transaction or multiple transactions over a 12 month period. You…
IRS FAQ to Cannabis businesses
CBD cannabis formula. CBD oil cannabis extract, medical hemp concept On September, 2020, the IRS published an frequently asked questions (FAQs) to assist cannabis license holders with various…
Tax Tips
280E is such a punishing tax burden for cannabis businesses. Corporations are paying the IRS 25% or more in income taxes than a regular business. Therefore, work the…
Exit Strategies
Readiness Roadmap Preparing for the exit is an evolution that begins when you open your doors and continue to grow your brand.However, once you start to seriously consider…
California and Cannabis Tax – What you Need to Know
Many of us know how the IRS functions and how tough they can be with businesses, specially the Cannabis industry. But how much do you know about the…
SOPs – Standard Operating Procedures
SOPs are critical to have in place as your business is forming and growing. These written procedures allow for easy transition of knowledge from employee to employee, can…
Business Planning, Forecasting, and Variance Reporting
After reading this blog, you should have a better understanding of the process for year-end Tax Planning, P&L planning, and variance reporting. This blog is a continuation of…
Legal structure vs. Tax structure; can they be different?
As your business evolves you have to consider the best structure for legal protection and for optimal tax savings. Legal structures are defined by States, tax structures are…
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