Social Equity, Opportunity and Strategic Tax Planning The below updates provide additional clarity on the considerations needed prior to investing in a QOF for a MRB. Entrepreneurs intending to operate an adult use (recreational) business under the Michigan Regulation and Taxation of Marijuana Act (MRTMA) may be able to combine features of the state’s…
Section 280E and The Marijuana Industry Section 280E & the Marijuana Industry: This presentation was originally presented at the Small Firm Practitioners Conference, hosted by the Michigan Association of CPAs on August 14, 2019. Learn about the application of Internal Revenue Code §280E for marijuana businesses and how costing for inventories under §471 effects…
Business entity structure and tax considerations for a cannabis business. A common question when setting up a new business is what entity structure the business should be. Should it be an LLC? A Corporation? What other options are there and what are the differences between each one? A cannabis entrepreneur may have even more questions. …
How Do Unbanked Businesses Pay Cash Tax Payments to the IRS? The cannabis business largely remains unbanked. While some businesses have limited banking options, for the most part transactions remain in cash. Payments like cash tax payments, can be difficult to make. For some transactions, cash works ok – as long as they…
Provisioning Center Sales Tax Collection – Why & How Since January 2018, provisioning centers in Michigan legally operating under the state’s Medical Marijuana 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 Marijuana…