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The Federal Controlled Substances Act (“CSA”) 21 U.S.C. § 812 classifies marijuana as a Schedule 1 substance with a high potential for abuse, no currently accepted medical use in treatment, and lack of accepted safety for use under medical supervision. Generally, businesses can deduct ordinary and necessary business expenses under I.R.C. §162. This includes wages, rent, supplies, etc. […]
Having been beaten in an opinion issued by the U.S. Tax Court just weeks before where the Court ruled that IRC Section 280E does apply to Harborside (Click here for the Court’s opinion: Patients Mutual Assistance Collective Corp., dba Harborside Health Center v. Commissioner of Internal Revenue, 151 T.C. 11) which Harborside can appeal to […]
How To Use 2018 Cryptocurrency Losses to Your Advantage While foreign governments are still figuring out how to tax cryptocurrencies, there are actually ways in the U.S. that U.S taxpayers can use them to their advantage to pay less taxes. This is due to Notice 2014-21 issued by the Internal Revenue Service (IRS) which treats […]
California Sets Online Sales Tax Enforcement Date On June 21, 2018 the U.S. Supreme Court handed down its anticipated decision in South Dakota v. Wayfair, No. 17-494. The case challenges South Dakota’s application of its sales tax to internet retailers who sell into South Dakota but have no property or employees in the state. At […]
Every five years, Congress passes legislation that sets national agriculture, nutrition, conservation, and forestry policy, commonly referred to as the “Farm Bill”. On December 20, 2018 President Donald Trump signed legislation into law that includes language lifting the United States’ decades-long prohibition on domestic, commercial hemp and hemp-derived products. The provisions were included within The […]
And you know that the IRS will surely be interested in auditing these businesses! After spending more than seven months screening over 300 applicants, the city of West Hollywood, California released the names of businesses approved to have actual eateries, lounges, and cafes that allow smoking, vaping, and/or munching on edibles and weed-infused food. There […]
On December 7, 2018, California’s three cannabis licensing authorities submitted final versions of the state cannabis regulations to be approved by January 16, 2019. A major change in the regulations comes from § 5032 Commercial Cannabis Activity. This section reads as follows: All commercial cannabis activity shall be conducted between licensees. Licensed retailers and licensed […]
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