Taxes and the Regulated Market: Accounting Workshop for Compliant Cannabis Businesses

This is a press release from Integrative Business Support Services:

A day long informative workshop on financial matters concerning cannabis businesses, taking place Sat Sept 22nd in Garberville and Sun Sept 23rd in Redwood Valley, 10am-5pm.

Each day will have the same sessions, the first 3 presented by Mr Johnstun:

*What is an LLC and understanding Tax entities like S-Corporations, C-Corporations, Sole Props, and Partnerships

We will teach you the basics of tax entity structure. This will allow you to understand what everyone is talking about when they refer to the tax entities. You will have an understanding of how they work and affect you.

*Tax Strategies for Cannabis businesses.

What is Internal Revenue Code 280E?

We will cover what this revenue code means to the cannabis industry, what is deductible, and strategies to maximize deductions and reduce your tax liability

*Form 8300

We will cover the basics of what this form is, who needs to file and when. We will also cover the consequences of not filing the form.

*Next Steps in Business Development.

Preparing for expansion, investors or partners.

*4:00:

B-corps

Open to all who are interested (registration not required), Doug Fir will share his research about B-Corps and why and how it might fit for your business of any kind.

$100-150 sliding scale for the day; $40 for single sessions (B-Corp free to the public)

To register, email office@oxaliscalifornia.com, call 923-3753, or register online at oxaliscalifornia.com.

(Childcare is available for Garberville location with notice.)

Jake Johnstun, Enrolled Agent, will be presenting information about accounting and finance in the regulated market on Sept 22nd & 23rd (see below). He has been in the tax preparation industry since 1994.

An Enrolled Agent is a federally authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of examination, collection, and appeals of the Internal Revenue Service.
The ability to represent you in a tax audit is of key importance for the cannabis industry as it has been largely assumed that all cannabis businesses will be under close scrutiny. In addition to taxpayer representation, Enrolled Agents often provide tax consultation services and prepare a wide range of federal and state tax returns.

Jake’s company, Greenfields Accounting prepares federal tax returns, state tax returns, and bookkeeping for Cannabis clientele. Jake’s clients span Oregon and California and range from farms to dispensaries.

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9 comments

  • Definitely going to this! Thanks!

  • Rizzo bean and bud counter

    Ha ha ha! Welcome back to the trough feeders! You might just want to let the abatement fines accrue and leave your land to the new eminent domain of retired pension benefitters. Before your done you’re gonna wish you were on the other side of that mountain of fees and paperwork, moved back to town and taken that cushy government job 9-5, paid lunch, 1/2 hour breaks, paid vacation, holidays, lifetime health care, and 80% salary in retirement. You should know who’s boss.

  • Complaint??? did you mean Compliant??? ;-]]

  • Hah! “for complaint businesses”

    Is this for the compliant businesses that wish to complain? 😉

  • What is difficult about 280E for cultivators?

    Dispensaries have to perform tax entity magic to maximize deductions. Damn near everything a cultivator does is deductible.

    • Not federally , no deductions The state very limited , This is new to the state, you are not growing garlic so be careful they have complete deductions for cannabis industry not like your typical farmer. Good luck on the push up on sales tax you are trying to implement i have not found anybody to pay my sales tax in california

      • Cultivation – deductible
        $9.25 / oz tax – deductible
        Recordkeeping – not deductible
        Compliance – not deductible

        Any tricks to overcome this?

  • ADD / ASPERGERS HERE lol

    Sounds hard .

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