by Advisor Team | Mar 24, 2025 | Cannabis Tax, COGS, Corporate Tax Services
Navigating tax compliance as a cannabis business owner can feel like walking a financial tightrope. One misstep—especially when it comes to Internal Revenue Code (IRC) 280E—can result in significant tax liabilities and heightened IRS scrutiny. As year-end approaches,... 
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 | 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... 
by Dana Borys | Jun 23, 2020 | ASC 740 & ASC 740-10, Cannabis Tax
OVERVIEW OF TIGTA REPORT DATED MARCH 30, 2020 The Treasury Inspector General for Tax Administration (“TIGTA”) was established in the 1980’s to provide independent oversight of the Internal Revenue Service’s (“IRS”) activities. On March 30, 2020, TIGTA released a...