Cannabis Attorneys | San Francisco

The Top-Rated Cannabis Cryptocurrencies

Posted on January 3, 2019April 25, 2019 by Moskowitz LLP Posted in Cannabis Practice Group, Cryptocurrency Tax Assistance

In light of the dangers associated with safeguarding thousands of dollars in cash transactions daily, it’s no wonder that cryptocurrency is so attractive to cannabusinesses. In this post, we will introduce some of today’s top-rated cannabis cryptocurrencies. Cannabis cryptocoins Cryptocoins (cryptocurrency) are generally used just like real coins – to...

Using Cryptocurrency in Your Cannabis Business: Possible Solution to a Serious Banking Problem

Posted on December 31, 2018April 25, 2019 by Moskowitz LLP Posted in Cannabis Practice Group, Cryptocurrency Tax Assistance

Despite the increase in the number of states that have been legalizing marijuana for both medical and recreational use, many banks are still reluctant to assist marijuana growers, manufacturers, and retailers. Cannabis cryptocurrency provides a promising alternative. This past June, the House Appropriations Committee rejected a measure that would have...

Cannabis Business Under the New Tax Law

Posted on May 29, 2018February 13, 2019 by Moskowitz LLP Posted in Cannabis Practice Group, Tax Planning & Compliance

The 2017 Tax Cut and Jobs Act (TCJA) made significant changes to the U.S. taxation system, and individuals in the marijuana industry should understand how those changes affect them. Here are three of the most significant tax issues that may impact your cannabis business under the new tax law: No...

The Cannabis Cultivation Tax

Posted on May 24, 2018February 13, 2019 by Moskowitz LLP Posted in Cannabis Practice Group

As of January 1, 2018, a cannabis cultivation tax applies to all harvested cannabis intended for either medicinal or recreational use. The tax must be paid when you sell or transfer the cannabis to a distributor or manufacturer, in accordance with a fee schedule that is based on the category...

Cannabis Licensing Regulations Under Fire

Posted on May 22, 2018February 13, 2019 by Moskowitz LLP Posted in Cannabis Practice Group

The California Department of Food and Agriculture (CDFA) began issuing cannabis cultivation licenses on January 1, 2018, and the lawsuits have already commenced. The California Growers Association filed suit in late January arguing that the CDFA has awarded a disproportionate number of “small grower” licenses to a handful of large...

The Use of Expert Testimony in Tax Court, Part II

Posted on February 21, 2018February 14, 2019 by Moskowitz LLP Posted in Cannabis Practice Group, Tax Planning & Compliance, Tax: Audits, Litigation & Collection

In Part I, we introduced the Feinberg vs. Commissioner of Internal Revenue case, which demonstrates the financial challenges faced by marijuana businesses due to their inability to deduct ordinary and necessary business expenses under 26 U.S. Code §280E. It also provides us with guidance as to the limits of expert...

The Use of Expert Testimony in Tax Court, Part I

Posted on February 15, 2018February 14, 2019 by Moskowitz LLP Posted in Cannabis Practice Group, Tax Planning & Compliance, Tax: Audits, Litigation & Collection

The IRS is very aggressive in its audits of marijuana businesses, doing “random audits” of nearly everyone in the industry – particularly if their operations are large and profitable. A recent case involving the owners of a Colorado medical marijuana dispensary highlights the devastating impact of federal tax law on...

Marijuana Accounting and Legal Compliance

Posted on July 3, 2017February 14, 2019 by Moskowitz LLP Posted in Cannabis Practice Group

Since marijuana is still illegal at the federal level and subject to continually evolving regulations at the state level, cannabis producers, distributors, and retailers need to develop compliance programs and procedures as early as possible in the life of their business to protect themselves from legal challenges. An effective cannabusiness...

The Cannabusiness Plan

Posted on June 30, 2017April 25, 2019 by Moskowitz LLP Posted in Cannabis Practice Group

A business plan is a key component of every commercial venture – it not only serves as the outline for the development of your business, but is also a crucial tool for securing outside investors. Elements of a business plan Here are the basic provisions that should be included in...

Trimmigrants, Trades and Taxes

Posted on June 1, 2017February 14, 2019 by Moskowitz LLP Posted in Cannabis Practice Group

For decades, a subculture of migrant workers have flooded California counties every year to make good money trimming marijuana plants. Known as “trimmigrants,” these individuals have made as much as $500/day and up to $15,000 in cash and/or product during the fall harvest — and we would be surprised if...

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Category: Cannabis Practice Group