Accounting For The Cannabis Industry: What You Should Know

Accounting For The Cannabis Industry: What You Should Know

Keys Audits Cannabis companies are experiencing audits regularly, and non-compliant businesses face years of litigation, significant legal fees, and back taxes. In more extreme cases, significant penalties have been handed out for lack of accuracy, such as in the Alterman-Gibson court case, with a $78,000 accuracy penalty, and the Northern California Small Business Assistants case,…

Tax Planning:  Anticipating Biden’s Tax Increases. What does it mean for small investors and small businesses?

Tax Planning: Anticipating Biden’s Tax Increases. What does it mean for small investors and small businesses?

Keys Income tax:  Under Biden’s recent proposal, the top marginal income tax rate would go up to 39.6%, from 37%.  That is where it was during President Barack Obama’s administration. Capital gains tax:  The proposed capital gains tax increase more or less doubles the rate that high-earners would pay when they sell investments.  The current…