by Dana Borys | Feb 5, 2021 | Cannabis Tax, COGS
For taxable years beginning on January 1, 2020, California will now allow cannabis businesses operating as individual sole proprietorships, limited liability companies taxed as partnerships and S Corporations to claim deductions and credits paid or incurred in... 
by Dana Borys | Sep 15, 2020 | Cannabis Tax, Corporate Tax Services
On September 11, 2020, the IRS released general guidance for the cannabis industry. This is likely a response to a Treasury Department internal watchdog report which was critical of the IRS’ lack of guidance towards the cannabis industry. The guidance is published on... 
by Dana Borys | Aug 17, 2020 | Corporate Tax Services
The IRS issued a set of proposed regulations on July 30, 2020 that addresses several key accounting issues for small businesses. The issues addressed uncertainties under the Tax Cuts and Jobs Act (TCJA) in connection with simplified accounting procedures covered under...