The Tax Lawyer Blog: Topical thinking from the lawyers at Moskowitz, LLP

California’s Marijuana Regulatory Framework

Posted on December 5, 2019November 25, 2020 by Moskowitz LLP Cannabis Practice Group,

The California Cannabis Industry is strictly regulated by numerous governmental agencies. In November of 2016, 56% of California voters chose to legalize recreational marijuana in the state. Proposition 64, the Adult Use of Marijuana Act (AUMA), has permitted adults to grow, sell and smoke the drug without a medical reason...

Government Use of Marijuana Tax Revenue

Posted on August 27, 2019January 7, 2020 by Moskowitz LLP Cannabis Practice Group,

Tax revenue collected from legal sales of cannabis in California may have fallen short of projected amounts, but it nonetheless is being used to support the homeless, needy families, low-income entrepreneurs, and to fund scholarships. The passage of Proposition 64 (the Adult Use of Marijuana Act or AUMA) in 2016...

How Did Amazon Manage to Earn $11.2 Billion in Profits Last Year, Yet Pay $0 in Taxes?

Posted on April 2, 2019April 25, 2019 by Moskowitz LLP Business Law, Cannabis Practice Group,

The New Tax Law has made it possible for Amazon to legally avoid paying any federal income tax. So how does Amazon pay no tax? Here are a few techniques that the multinational corporation used to eliminate its 2018 tax bill. President Trump’s recent attack on Amazon for being a...

Tax Court Confirms No Deductions for State-Legal Cannabis Business, Part VII: Five Lessons Learned from Harborside vs. IRS

Posted on March 7, 2019August 31, 2021 by Moskowitz LLP Cannabis Practice Group,

Other Posts in this Series Part I: Harborside on the Front Lines Again Part II: Harborside vs. IRS Part III: Harborside vs. IRS (The Tax Court Discusses Semantics and Shakespeare) Part IV: How Does Your Business Operate? Part V: Arguing Cost of Goods Sold Part VI: A Win for Harborside...

Tax Court Confirms No Deductions for State-Legal Cannabis Business, Part VI: A Win for Harborside – No Accuracy-Related Penalties for Marijuana Business Acting in Good Faith

Posted on March 5, 2019August 31, 2021 by Moskowitz LLP Cannabis Practice Group,

Tax Court Confirms No Deductions for State-Legal Cannabis Business, Part V: Arguing Cost of Goods Sold

Posted on February 28, 2019August 31, 2021 by Moskowitz LLP Cannabis Practice Group,

Other Posts in this Series Part I: Harborside on the Front Lines Again Part II: Harborside vs. IRS Part III: Harborside vs. IRS (The Tax Court Discusses Semantics and Shakespeare) Part IV: How Does Your Business Operate? Part VI: A Win for Harborside – No Accuracy-Related Penalties for Marijuana Business...

Tax Court Confirms No Deductions for State-Legal Cannabis Business, Part IV: How Does Your Business Operate?

Posted on February 26, 2019August 31, 2021 by Moskowitz LLP Cannabis Practice Group,

Other Posts in this Series Part I: Harborside on the Front Lines Again Part II: Harborside vs. IRS Part III: Harborside vs. IRS (The Tax Court Discusses Semantics and Shakespeare) Part V: Arguing Cost of Goods Sold Part VI: A Win for Harborside – No Accuracy-Related Penalties for Marijuana Business...

Tax Court Confirms No Deductions for State-Legal Cannabis Businesses, Part III: Harborside vs. IRS (The Tax Court Discusses Semantics and Shakespeare)

Posted on February 21, 2019August 31, 2021 by Moskowitz LLP Cannabis Practice Group,

Other Posts in this Series Part I: Harborside on the Front Lines Again Part II: Harborside vs. IRS Part IV: How Does Your Business Operate? Part V: Arguing Cost of Goods Sold Part VI: A Win for Harborside – No Accuracy-Related Penalties for Marijuana Business Acting in Good Faith Part...

Tax Court Confirms No Deductions for State-Legal Cannabis Businesses, Part II: Harborside vs. IRS

Posted on February 19, 2019August 31, 2021 by Moskowitz LLP Cannabis Practice Group,

Other Posts in this Series Part I: Harborside on the Front Lines Again Part III: Harborside vs. IRS (The Tax Court Discusses Semantics and Shakespeare) Part IV: How Does Your Business Operate? Part V: Arguing Cost of Goods Sold Part VI: A Win for Harborside – No Accuracy-Related Penalties for...

Tax Court Confirms No Deductions for State-Legal Cannabis Business, Part I: Harborside on the Front Lines Again

Posted on February 14, 2019August 31, 2021 by Moskowitz LLP Cannabis Practice Group,

Other Posts in this Series Part II: Harborside vs. IRS Part III: Harborside vs. IRS (The Tax Court Discusses Semantics and Shakespeare) Part IV: How Does Your Business Operate? Part V: Arguing Cost of Goods Sold Part VI: A Win for Harborside – No Accuracy-Related Penalties for Marijuana Business Acting...

The Top-Rated Cannabis Cryptocurrencies

Posted on January 3, 2019April 25, 2019 by Moskowitz LLP 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 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 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...

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