Medicinal Marijuana Bills Pass Michigan State House

Study: Cannabis and mental illness

MICHIGAN: This past week, the Michigan House of Representatives passed a series of bills regarding Michigan’s medical marijuana laws. Among these bills include a 3 percent excise tax on medicinal marijuana. The funds collected from the tax will go toward establishing a more regulated and controlled environment that will help insure safety and consistency. When 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…

Colorado Pot Sales Soar To Record In January, Bringing $2.3 Million For Schools

The center of the burgeoning industry in Denver is asking to extend shops’ evening closing hours and revisit the outright ban on public consumption.

COLORADO:  Colorado pot businesses sold a record amount of marijuana in January, resulting in an excise tax of $2.3 million designated for public schools, state officials said Wednesday. The numbers, reported by the Colorado Department of Revenue, show that January’s school-designated pot sales tax is more than 10 times the amount in January 2014, when 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…