New Form for Reporting Cannabis Deductions

New Form for Reporting Cannabis Deductions

For taxable years beginning on January 1, 2020, California will now allow cannabis businesses operating as individual sole proprietorships, limited liability companies taxed as partnerships and S Corporations to claim deductions and credits paid or incurred in...
IRS Releases General Guidance for the Cannabis Industry

IRS Releases General Guidance for the Cannabis Industry

On September 11, 2020, the IRS released general guidance for the cannabis industry. This is likely a response to a Treasury Department internal watchdog report which was critical of the IRS’ lack of guidance towards the cannabis industry. The guidance is published on...