The IRS recently released guidance saying businesses participating in the Paycheck Protection Program should refrain from deducting certain expenses from their annual tax returns. Here, you’ll learn everything you need to know about the tax consequences of accepting PPP loans from the government. Paycheck Protection Program Basics As part of the CARES Act, the government passed the Paycheck Protection Program to help eligible businesses continue to pay for expenses like...
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With at-home and limited travel restrictions that are in place across the country due to the COVID-19 pandemic, business owners are facing new challenges to keep their operations running smoothly. From remote working situations to daily video meetings and conference calls with staff and clients, the current work landscape is unfamiliar to many. One key trait of many successful entrepreneurs is the ability to be flexible and adapt to these types of situations.
As you begin researching options for structuring your new cannabis business, you’ll likely notice that a lot of cannabis companies decide to become “C-corps.” That’s because a C-corp gives you more opportunities to separate your personal and business finances.
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....
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.....
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.
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.
In the aftermath of the COVID-19 pandemic, more businesses than usual are expected to file for bankruptcy. Unfortunately for those in the cannabis industry, filing bankruptcy isn’t a possibility. Even so, this doesn’t mean you’re out of luck.
Tips for Avoiding an Audit
March 6, 2017by Harry Shurek
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...
