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…

Washington Medical Marijuana Clinics Spooked Over New Reporting Requirement

The new Cannabis Patient Protection Act requires any health care provider who authorizes more than 30 medical cannabis patients in a month to report to the Department of Health.

WASHINGTON: Washington state regulators are tightening their grip on medical marijuana this week by targeting dubious patient authorizations. But some clinics say the changes, which begin Friday, will put them out of business. The new Cannabis Patient Protection Act requires any health care provider who authorizes more than 30 medical cannabis patients in a month to report to Read the full article…

Washington State Says Legal Marijuana Proves To Be A Success

Americans Want States, Not The Feds, To Have Final Say Regarding Marijuana Policies

WASHINGTON: In the year since Washington state launched its legal marijuana market, tax revenues have soared past expectations with state and local governments bringing in some $70 million. There are now about 160 shops selling pot in Washington, with sales topping $1.4 million per day. Washington pot farmers, processors and retailers have struggled to turn a Read the full article…

Washington State House Passes Recreational Marijuana Reform Bill

The House on Friday passed a measure that changes the state's recreational marijuana three-tier tax structure to a single excise tax of 37 percent at the point of sale.

WASHINGTON:  The House on Friday passed a measure that makes several changes to the state’s new recreational marijuana market, including eliminating the three-tier tax structure and replacing it with a single excise tax of 37 percent at the point of sale.House Bill 2136 passed the House on a 59-38 vote and now heads to the Read the full article…

I-502 Compliant Banking & Merchant Services Is Monday, June 29th In Bellevue, WA

WASHINGTON: If you have anything to do with banking or merchant services for Washington’s legal cannabis industry, you’ll want to make sure to attend the Marijuana Business Association’s Professional Education Seminar on I-502 Compliant Banking & Merchant Services, Monday, June 29th, 2015 1:00-4:30PM a the Red Lion Hotel, 11211 Main St. Bellevue, WA 98004. Featuring an impressive Read the full article…

MJ Research Report: Washington State Rakes In Over $10M In Single Month From Pot Tax

Washington’s hefty 25% excise tax, which is applied to each stage of the supply chain (producers, processors and retailers), has alone resulted in accrued tax obligations of nearly $10.4M due to the state from May.

By Joe Armes WASHINGTON: The legal cannabis industry has been rapidly growing in Washington State since the implementation of recreational sales under I502, and along with them so too have the tax revenues due to the state. Washington’s hefty 25% excise tax, which is applied to each stage of the supply chain (, processors and retailers), has alone resulted Read the full article…

Washington Lawmakers Tackle Marijuana Taxes

With Oregon's recreational market about to come online, the bill could have particular implications for border counties such as Clark County.

WASHINGTON: On the first day of the special legislative session, Washington House members took up a bill that would change the way the state taxes recreational marijuana. Washington lawmakers are back in Olympia this week after failing to pass a two-year operating budget during the regular legislative session. Now, lawmakers have 30 days to address Read the full article…

Chase Closes Accounts Of Pot Entrepreneur Martin Tobias

"We are closely following federal guidance on this matter," she said, explaining that the bank doesn't work with marijuana businesses. "If we find out that someone is in the business after they have already been banking with us, then we take steps to close that account."

WASHINGTON: After more than 20 years of banking with JPMorgan Chase, former Microsoft executive and marijuana entrepreneur Martin Tobias saw his business and personal accounts terminated this week. Chase spokeswoman Patricia Wexler confirmed that both of Tobias’s accounts have been shut down, but as policy she would not give more details about his case. “We are closely following federal Read the full article…

Governor Signs Medical Marijuana Bill; Deal On Recreational Pot Is Elusive

http://mjnewsnetwork.com/legal/wa-gov-inslee-to-sign-bill-changing-medical-marijuana-rules/

WASHINGTON: Gov. Jay Inslee signed medical-marijuana regulations Friday, perhaps the most significant lawmaking in the Legislature’s 103 days of work. But agreement on collection and spending of marijuana taxes eluded legislators at they moved toward adjournment, and will probably have to wait for the special session that begins next week. A proposal under consideration would Read the full article…

WA Gov Inslee To Sign Bill Changing Medical Marijuana Rules

With Oregon's recreational market about to come online, the bill could have particular implications for border counties such as Clark County.

WASHINGTON: Gov. Jay Inslee is expected to sign into law an overhaul of Washington’s medical marijuana market that seeks to eliminate unregulated dispensary sales now that the state’s recreational market is in place. Among the provisions of the measure Inslee was to sign Friday afternoon is the creation of a voluntary database of patients. Unregistered patients Read the full article…