Financial Valuations Of Businesses That Sell Marijuana And Financial Fraud Investigations Highlight AICPA’s 2017 Forensic and Valuation Services Conference

Marijuana is big business

NEVADA: Discover insights on everything from how forensic accountants ferret-out financial fraud to how valuation professionals decipher the value of high-profile celebrity estates at the American Institute of Certified Public Accountants (AICPA) Forensic and Valuation Services Conference. When and Where: Nov. 13-15, 2017, at Caesars Palace, Las Vegas (Online access available) Experts pull back the curtain to provide insights on topics Read the full article…

A Maturing Marijuana Industry Prepares for the Future

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Amid Record Sales, Pre-Election Seminar to Explore More Sophisticated Business Operations With more than $1.4 billion in sales in Washington since legalization in 2014, and five additional states considering new legal marijuana markets, several veterans of the recreational cannabis industry will gather next month in Seattle to discuss how they are planning to compete in Read the full article…

What Every Cannabis Business Needs To Know About IRS Form 8300

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.

By Dean Guske, CPA I have received a number of emails and phone calls over the past couple of days regarding the article posted in MJ Biz Daily on Tuesday.  I was actually contacted last week by the author who wanted to know if I was seeing any audit activity in Washington and Oregon in Read the full article…

Washington CPA: Update on 25% Marijuana Excise Tax

"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.

By Dean G. Guske, CPA Over the last several weeks, there has been quite a bit of discussion about how to apply the 25% excise tax to your sales. I have read a few emails that have been forwarded to me for interpretation and have had some conversations with clients about what to do. I’m Read the full article…

CCSE Hosts Banking, Taxes & 280E Industry Panel On July 24th

The Coalition for Cannabis Standards and Ethics (CCSE), a 501(c)(6) nonprofit, will be hosting a panel discussion on financial issues affecting the Washington cannabis industry on Thursday, July 24th from 5:30pm - 7:30pm, followed by a one-hour mixer.

WASHINGTON: Federal tax code 280E is the single largest hurdle for any entrepreneur attempting to create a sustainable Cannabis business. Although the sale of marijuana is legal in several states, it remains illegal under federal law, and Revenue Code 280E bans most deductions and tax credits given to businesses selling Schedule I and II controlled Read the full article…

Setting Up Your Washington Cannabis Business Accounting System

On the current market you can expect to pay $175.00-275.00 dollars for a qualified CPA, $75.00 – 125.00 for a systems specialist to support your accounting system set-up, and $25-65 for a Bookkeeper to maintain your records.  It is a good idea to check credentials and references before starting work with anyone.

by Wendy L. Maguire, MA WSD WASHINGTON: Navigating the business byways of Washington State’s emerging legal marijuana industry is challenging; we are literally building the road as we walk it.  The emergent nature of the business leaves us all feeling a bit uncertain as to the expectations, legalities and structures necessary for compliance.   Under the, Read the full article…