Colorado: Tax Revenues From The Legal Cannabis Industry Surpasses Half-Billion Dollars

The half-billion dollar total far exceeds initial projections. Tax revenue from legal cannabis sales in Oregon and Washington have also exceeded regulator's initial expectations

COLORADO: Revenues from Colorado’s legal cannabis industry have surpassed over a half-billion dollars since retail sales began on January 1, 2014. According to an analysis by VS Strategies, cannabis-specific taxes and fees have yielded $506,143,635 in state revenue over the past three and one-half years. (Local tax revenue was excluded from the analysis.) Much of the revenue raised has gone Read the full article…

IRS Position On 502 Excise Taxes – “Don’t Count Excise Tax Amount As Income”

"If you any person in a trade or business receives a payment of $10,000 or more in any single transaction or series of transactions they are required to file a form 8300 within 15 days of receiving the cash.  Please note that a “person” includes an individual, a company, a corporation, a partnership, an association, a trust, or an estate.  You should also be aware that “cash”  includes cashier’s checks, money orders, bank drafts and traveler’s checks.

Rachel Kurtz WASHINGTON: Dean Guske, CPA to many marijuana businesses in Washington State (and around the country),  and his firm, Guske & Company, have been taking the position with their clients since the beginning of the year that the 502 excise taxes DO NOT have to be counted as income when 502 Cannabis businesses file their Read the full article…