280E and Microbusinesses- What you need to know!

This article was originally written for Marijuana Micro Business. Please visit MarijuanaMicroBusiness.com for more information. Are you considering operating a marijuana microbusiness under the Michigan Regulation and Taxation of Marihuana Act (MRTMA)? If so, having an understanding of financial and tax implications in this regulated industry is critical for success.  Tax regulations, such as IRS…

Provisioning Center Sales Tax Collection

Provisioning Center Sales Tax Collection – Why & How

Provisioning Center Sales Tax Collection – Why & How   Since January 2018, provisioning centers in Michigan legally operating under the state’s Medical Marihuana Facilities Licensing Act  (MMFLA) Emergency Rules must collect sales tax. The requirement was released in a notice by the MI Department of Treasury.  The notice focuses directly on the Medical Marihuana…

Be Compliant –Message to Unlicensed MMFLA Applicants

Be Compliant –Message to Unlicensed MMFLA Applicants   Today’s Michigan LARA MMFLA Licensing Review Board Meeting had a strong closing message.  Businesses who are in the licensing process need to be compliant in all respects in order to have their license approved.   Michigan’s MMFLA licensing process has seemed to be delayed over the last…

Responding to MMFL Financial Deficiencies

Five Tips for Responding to MMFL Financial Deficiencies Applicants for a Medical Marihuana Facility License (MMFL)  in Michigan will need to overcome several hurdles in the application process.  After submitting and receiving feedback on the application, the last thing an applicant wants to hear is that they have deficiencies or additional information that is being…

Understanding Accounting for Leases

Understanding Accounting for Leases   Accounting for Leases for Business Owners Lease accounting can be tricky.  New accounting standards require a lease to be recognized on the balance sheet as an asset and a liability.  This can can present many challenges for businesses in determining the right steps in accounting for leases.   At face…

CPA, Accounting

Working with a CPA Start Up to Maturity

Working with a CPA from Business Start Up to Maturity   When starting a business or recruiting the members of your team, hiring a CPA or specialized accountant is often an afterthought.  Or, a reactionary process in response to tax return needs or regulatory requirements.   While these are certainly justifiable reasons, this isn’t the “value”…