A husband and wife wanted to purchase additional real estate to accommodate their growing cannabusiness. In order to qualify for a real estate loan, they needed to provide the lenders with copies of their tax returns. They had never paid taxes on their business income and did not know how to handle the filing of delinquent returns. They also needed advice on how to report their business expenses and how to handle the large amounts of cash in their possession.
Our tax preparation team helped them get into compliance with their tax filings and use some of their cash reserves to pay their back taxes and estimated taxes. They obtained the loan they were seeking and have since expanded their business to their satisfaction.
The Cannabis Practice Group at Moskowitz, LLP puts our firm’s extensive tax, real estate, and business law experience to work for you. We provide the full range of legal and tax services for California marijuana-related businesses, including (but not limited to):
- Federal, state, and local tax compliance
- IRS audits and litigation
- EDD and sales tax audits
- Assistance with financial service and monetary issues
- Federal and state regulatory compliance (Bank Secrecy Act)
- Challenging law and administrative decisions, including business license revocations and denials, fines, sanctions, and penalties for violations
- Business zoning and jurisdiction issues
- Commercial leasing
- Landlord/tenant matters
- Business entity formation
- Creation of operational plans
- Investor relations
- Shareholder agreements
- Purchase/sales agreements
California marijuana law attorneys
The civil and criminal tax lawyers and accountants at Moskowitz, LLP help marijuana growers, trimmers, farmers, brokers, retailers, distributors, and microbusinesses maintain tax-efficient marijuana operations. If your marijuana business has been operating within the gray areas of the law or outside it, we can help to bring you more peace of mind while you come into compliance. Contact our San Francisco office today.
Disclaimer: Growing, cultivating, and distributing marijuana are violations of federal law under the Controlled Substances Act, Title 21, Section 841(a)(1). The tax firm of Moskowitz, LLP can assist you in adhering to state and local law and regulations, and advise you on how to conduct your operations in a way that will minimize your risk of federal prosecution. However, we do not intend for our advice to assist you in the violation of any law and in light of the evolving nature of the marijuana industry in the U.S., clients must understand that our legal and tax services can guarantee neither success nor immunity from civil and/or criminal prosecution. In all areas where the legal landscape is constantly changing, we recommend that our clients act with caution, stay abreast of developments in the industry, and consult with us often.