Read the latest industry news and tips from our accounting experts.
April 2, 2020

On March 27, 2020, the Coronavirus Aid, Relief Economic Security Act (CARES) was signed into law. One section of this $2trillion stimulus package authorized Economic Impact Payments (stimulus checks) to be issued in an attempt to provide a temporary boost to the economy that has currently been impacted by the spread of COVID-19 and the resulting business closures....

March 16, 2020

As everyone is starting a very crazy and unfamiliar week with everything happening in the world, there has been a lot of talk over the last few days about a possible extension of the April 15th tax deadline. What has not been covered anywhere that i have seen or read, is the tax deadline that is in effect for TODAY, March 16th.....

February 21, 2020

As part of the cannabis industry, you’ve probably heard rumors about the end of IRS Section 280E. Plenty of people in the business have been expressing optimism or even certainty lately that the rule is on its way out. But before you start counting on that, get the facts.

February 3, 2020

Tax season is now in full swing and there are advertisements all over tv, the internet, Instagram, all with different products and services that offer to help you maximize your tax refund this tax season. While most tax return preparers are honest and professional, there are some that offer to prepare returns with false information in order to increase a refund or decrease the amounts owed. This often leaves the taxpayer exposed...

January 7, 2020

It’s a great time to get into the cannabis market. The industry is expected to see more than 18% overall growth in the next seven years and North America holds the biggest market share at 88%. In the US alone, more and more states are making recreational cannabis use legal, and that means more business opportunities than ever.

April 6, 2017

While everyone in the cannabis business is focused on Internal Revenue Service enforcement of IRS Code 280e, the Internal Revenue Service has found another weapon in their battle to squeeze as much money as possible out of businesses that operate in the cannabis space, IRS Form 8300. These IRS Form 8300 audits have until now been primarily focused on businesses operating in the Denver area, but as they gain success in assessing penalties and fines against cannabis and marijuana related businesses, they will undoubtedly start auditing cannabis and marijuana...

March 6, 2017

Self-employed business owners already have one of the biggest targets on their backs from the IRS. Constantly being scrutinized It is for this reason that it pays to take a few extra steps to minimize your chances of getting bitten if your return is selected for audit. The main goal here is to keep adequate documentation so you can maximize...