Articles
Form 8300 as it relates to the Cannabis Industry
Form 8300 is for reporting cash transactions over $10,000. That is the simple definition. The form must be filled out [...]
Can 471(c) help your tax situation?
So, what is IRC 471(c) and how can it help? IRC 471(c) is a newer code section of the Internal [...]
Nick Richards of Greenspoon Marder – Cannabis Quick Hits: Accounting in the Cannabis Space – Speaking Engagement
August 8, 2022 Bruce T. Andersen was invited by Nick Richards, Partner and Co-Chair of Greenspoon Marder's Cannabis Law Group, [...]
Corporate Transparency Act – New law effective January 1, 2024
This law is titled the Corporate Transparency Act (“CTA”) and affects all companies doing business in the United States. It [...]
280E – The current Achilles’ heel of the cannabis business
Code Section 280E of the Internal Revenue Code is titled “Expenditures in connection with the illegal sale of drugs.” It [...]
The Impact of 280E on Your Accounting World
Let’s remember why the issue of special tax reporting even is an issue for the legal Cannabis industry. As long [...]
Cannabis Rescheduling at the Federal Level – What to Expect
As posted May 21, 2024 on The Woodard Report Visit Bruce's articles channel on The Woodard Report HERE. This [...]
Rescheduling Cannabis through DEA – its impact on IRC 280E
On May 1, 2024, the Drug Enforcement Agency of the federal US government (“DEA”) announced it was in serious consideration [...]
Why is QuickBooks the Leading Cannabis Accounting Software?
In the cannabis industry, QuickBooks is the leading accounting software used by both accounting professionals as well as cannabis companies. [...]
Cannabis and QuickBooks – an Interesting Market
We have been a part of almost every program that QuickBooks (QB) has offered for over twenty years. The keys [...]
BOLDLY | GO: Meet the Panelists for the Cannabis Presentation at Scaling New Heights 2024
As posted May 23, 2024 on The Woodard Report Visit Bruce's articles channel on The Woodard Report HERE. Please [...]
Business Income Tax Year End Tax Letter – 2023
The following are some strategies we should consider for reducing your business's taxes for 2023. The key changes in the [...]
Individual Income Tax Year End Tax Letter – 2023
The following are some of the tax breaks from which you may benefit, as well as the strategies we can [...]
A new IRS directive… To ERC or Not to ERC, that is the question.
Posted 10/26/23 As with other government programs during the pandemic, the IRS Employee Retention Credit (ERC) program put needed money [...]
Support NACAT – Vote Now!
Bruce Andersen CPA, a founding member of the National Association of Cannabis Accounting and Tax Professionals (“NACAT Pros”), is very [...]
Business Income Taxes for 2023: Cannabis-specific
The 2022 year has been a very big year for changes in the taxation of cannabis in California that will [...]
Business Income Taxes for 2023: General
Here are a wide variety of general tax matters, from property taxes to income taxes, as they will play out [...]
Individual Income Tax Year End Tax Letter – 2022
Here are some year-end tax strategies to help minimize taxable income on your Individual return for 2022. Filing Status Your [...]
Staying above the water line at MJBizCon 2022
I continue to grow the breadth and depth of my knowledge in the Cannabis space, all the while meeting [...]
CDTFA California State Changes to Processing Cannabis Excise and Sales Taxes
Posted November 13, 2022 This has been a very big year for changes in the Cannabis industry regarding excise and [...]
CalCPA Cannabis Business Virtual Symposium – Speaking Engagement
November 9 from 3:15–4:05 PM (PDT) Compliance and Enforcement Management from a Practitioner’s Perspective Topics to be covered by Bruce [...]
DOPE CFO on Social Equity Cannabis License – Speaking Engagement
5 Crucial Tips for Social Equity Cannabis License Applicants Oct 19, 2022 02:00 PM PDT DOPE CFO gathered experts including [...]
Montecito Mudslides
Five years to the day in Montecito Wow, Mother Nature is not happy. Five years to the day, Montecito has [...]
CDTFA Cannabis Special Notice – California Cultivation Tax Ends on July 1, 2022
What wonderful news! There is no cultivation tax effective July 1, 2022. This is all with the stroke of a [...]
Retail shops will pay less for excise tax effective July 1, 2022
CORRECTION posted July 5, 2022 Effective July 1, 2022, the CDTFA is making a change to the cannabis excise tax. [...]
California Cannabis Tax Rates Changed January 1, 2022
What happened to the reporting form? Effective January 1, 2022, the tax rates on cultivation cannabis excise tax increased about [...]
Hey, please cut the IRS some slack…
…they are doing the best they can… REALLY? Wow, how time flies. We are already at the end of February. [...]
2022 Tax-Related Dates – Income Tax Due Dates
I wanted to provide some key dates for the income tax season. S-Corporations, LLCs taxed as Partnerships, or Partnerships All [...]
Some good and some bad news from the CDTFA for 2022
Bad news first. Cultivation tax is being raised again effective 1/1/2022. It is increasing about 4.5% year over year. Very [...]
A Gift from the IRS to the Cannabis Industry
The IRS is now recognizing that the cannabis industry exists and should provide some guidance to the taxpayers. Their ‘gift’ [...]
Cannabis CPA: AUDIT
In the Cannabis Industry, it is not a question of IF a company will be audited but WHEN. Due to the high revenue [...]
Happy Anniversary 4/20/21!
This is a special year for cannabis taxation like no other. In the area of federal taxation, I cannot imagine [...]
Weeding the News: March 26, 2021
#1 – IRS Change in Filing Date is for Individual Taxes 2020 Tax Year Only Tax filing dates for [...]
Weeding the News: March 1, 2021
#1 National Business Institute (NBI) Andersen presented for the National Business Institute (NBI) on Wednesday, February 24, 2021 during [...]
COVID-19 Tax-Relevant Information
The coronavirus is impacting the deadlines for income tax filings in 2020. How the federal and state governments have made [...]
The Insanity of Cannabis Accounting & Tax: Accounting & Finance Show LA 2019
David Leary and Blake Oliver, CPA, co-founders of the Cloud Accounting Podcast, met with cannabis accounting experts, Bruce and Thomas [...]
Cannabis CPA: TAX
In the Cannabis industry taxes are very important at local, state, and federal levels. Currently, all references to local and [...]
Cannabis CPA: ACCOUNTING
All businesses need a solid accounting system. Cannabis companies need it even more in an area of regulation that seems [...]
Cannabis CPA: SYSTEMS
The cannabis industry is highly regulated and highly automated. It is important to match the size of the business to [...]