Search Results for: excise tax

US Bank Splits With WSLCB; Will No Longer Accept Washington Marijuana Excise Tax Payments

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WASHINGTON:  As of October 1, 2016 the Washington State Liquor and Cannabis Board (WSLCB) will be switching financial institutions for marijuana excise tax payments which will have an impact on those licensees using EPay. After the switch the current vendor will no longer be supporting the site, those licensees who have a login with the 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…

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…

First Three Days Of Marijuana Sales Pull In More Than $148,000 In Excise Taxes

Alexandria Sage/Reuters

WASHINGTON:  With just a handful of stores opened and supply short, the state will still pull in $148,256 of excise taxes from sales on Tuesday, Wednesday and Thursday, according to figures provided by the Liquor Control Board. That numbers reflect sales throughout the supply chain, including those from suppliers to retailers but don’t account for sales tax or business and occupation (B&O) Read the full article…

California Department Of Tax And Fee Administration Reports Cannabis Tax Revenues For Fourth Quarter Of 2018

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CALIFORNIA:  The California Department of Tax and Fee Administration (CDTFA) reported revenue numbers today for cannabis sales for the 4th quarter of 2018. Tax revenue reported by the cannabis industry totaled $103.3 million for 4th quarter returns due by January 31, 2019, which includes state cultivation, excise, and sales taxes. It does not include tax Read the full article…

Report: Retail Cannabis Tax Revenues Surpass $1 Billion In 2018

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DISTRICT OF COLUMBIA: State and local excise tax collections on retail adult-use cannabis sales surpassed $1 billion in 2018 — a 57 percent increase over 2017 levels, according to data compiled by the Institute on Taxation and Economic Policy. Annual excise tax revenues on adult-use cannabis sales ($1.04 billion) rivaled those for all forms of alcohol $(1.16 billion), Read the full article…

Giambra Says Marijuana Tax Revenues Could Deliver $500 Million A Year

"This is a plan to rebuild New York without continuing to raise taxes," said Giambra.  "There's another billion dollars in taxes and fees already projected in the Albany pipeline this year to deal with a deficit estimated of at least $4.4 billion.  I think the citizens have had enough.  Let's take marijuana off the black market, like other states have, and begin to phase in that new revenue stream and put that money to work for the people of New York."

New Revenue Stream Could Help Rebuild State, Says Gubernatorial Candidate NEW YORK:  “Conservative projections of an estimated $500 million a year in initial marijuana tax revenues for New York State could leverage enormous economic impact across the board and help rebuild our state,” says former Erie County Executive Joel Giambra, an independent candidate for governor Read the full article…

Why Colorado Has A Tax-Free Holiday For Marijuana

The tax break is happening because Colorado underestimated overall state tax collections last year. Under the state constitution, the accounting error triggers an automatic suspension of any new taxes — in this case, the recreational marijuana taxes voters approved in 2013.

COLORADO:  An accounting error in Colorado is paying off for marijuana consumers Wednesday, when a quirk in a state tax law prompts the state to suspend most taxes on recreational pot. The one-day pot tax holiday means Colorado won’t collect 10 percent sales taxes on pot. The state is also suspending a 15 percent excise Read the full article…

Pioneer Pot States Have Collected More Than $200 Million In Marijuana Taxes

Washington state got a slower start. Its retail shops didn't begin selling recreational marijuana until July of last year, but they are keeping pace with Colorado's. About $83 million in excise taxes have already been collected in the year since sales first began, according to the most recent tax data from the Washington State Liquor and Cannabis Board.

WASHINGTON AND COLORADO: The first two states to legalize recreational marijuana have collectively raked in at least $200 million in marijuana tax revenue, according to the latest tax data — and they’re putting those dollars to good use. In Colorado, after about a year and a half of legal recreational marijuana sales, the state has collected Read the full article…

One Year Of Legal Marijuana Generated $70 Million In Tax Revenue For Washington State

Washington state raked in more than $70 million in taxes during its first year of legal and regulated marijuana sales.

WASHINGTON:  Washington state raked in more than $70 million in taxes during its first year of legal and regulated marijuana sales. The Washington State Liquor Control Board, the government body charged with overseeing the state’s marijuana industry, reports that state pot shops sold more than $257 million worth of marijuana, generating more than $64 million through Read the full article…