Today's topic is titled "How Long Must You Worry About Not Filing a Tax Return?"By law, all individuals who fit the requirements are required to file a federal and state income tax return, with the exception of those states that do not impose

What To Expect When The IRS is Auditing You or Your Business

Jun 21st, 2021 8m 51s

As we all know, if your business is in the cannabis space, you are not allowed credits, exemptions, or regular deductions. You are, however, allowed to reduce your gross income by Cost of Goods Sold. So during the audit of a cannabis busine

How Long Do I Have To Worry About An IRS Audit?

Jun 14th, 2021 8m 4s

Today's topic is titled “ How Long Do I Have To Worry About An IRS Audit?” If you are in the cannabis space, you are or should be fully aware that the IRS is making a concerted effort to audit cannabis businesses. Although cannabis sales are

Cannabis Tax Resolution Minicast Series

Jun 14th, 2021 1m 10s

The format of this minicast is going to be a 5 to 15-minute discussion on topics concerning IRS and state tax audits, resolving state and IRS tax debt, also we will be addressing unfiled tax returns and how to get back into tax filing complianc

Five Tips For Cannabis Business Tax Season Success

Feb 3rd, 2021 14m 21s

On today's show, I will give you five tips to ensure that your tax season goes off without a hitch. I know how stressful tax season can be for cannabis businesses, so it's always best to minimize your stress by being as prepared as possible.

Independent Contractor Vs. Employee: What Happens If I Misclassify My Workers?

Jan 11th, 2021 30m 58s

On today’s show, I will be talking about Independent contractors vs. W2 employees in the cannabis industry. I’ll be discussing the importance of proper worker classification, what can happen if you fail to correctly classify your worker, how t

Understanding 280e & 471 & The Concept of Apportioning Expenses To Non-Cannabis Sales

Dec 27th, 2020 27m 53s

On today's show, I’m going to be talking about the albatross around the neck of the Cannabis industry also known as 280E. I’ll also be discussing the concept of apportioning certain 280E expenses to non-cannabis activities, as well as items t

Why Should Cannabis Companies File Form 8300?

Dec 10th, 2020 40m 52s

Hello everyone I'm your host, Desarie Anderson, and today we're going to be talking about form 8300 and how it intersects with the cannabis industry. We'll discuss what the form is, why cannabis operators need to use the form, and the important

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