Our latest Bloomberg Tax article on farm outsourcing arrangements in cannabis was published this morning: https://news.bloombergtax.com/daily-tax-report/hidden-tax-dangers-in-cannabis-outsourcing-arrangements Our goal at AB FinWright and 420 CPA is to educate and stay on the cutting edge of tax in cannabis. We hope this article is helpful for all industry folks and their advisors. Rachel Wright, […]
Reproduced with permission. Published March 04, 2021. Copyright R 2021 The Bureau of National Affairs, Inc. 800-372- 1033. For further use, please visit https://www.bloombergindustry.com/copyright-and-usage-guidelines-copyright/ —————————————————————————– Andrew Gradman of the Law Office of Andrew L. Gradman, and Abraham Finberg and Rachel Wright of AB FinWright LLP argue that new final regulations—stating that tax code Section 471(c) cannot […]
By Andrew Gradman Esq and AB FinWright Partners Abraham Finberg & Rachel Wright In addition to the sales and use tax, California cannabis businesses pay two unique taxes: The cannabis excise tax, and the cannabis cultivation tax. This article discusses the cultivation tax, described at RTC 34012 and 18 CCR 3700. The cultivation tax is […]
Meital Manzuri addresses the importance of Management Agreements and how to negotiate and implement compliancy for cannabis businesses. Part 4 in a series of 4.
Rachel Wright of AB FinWright LLP showcases how to set up your accounting operations to track deductible costs that fall under 471c. Part 3 in a series of 4.
Andrew Gradman, Esq provides historical context of 280E and how 471c has changed the tax landscape for the cannabis industry now. Part 2 in a series of 4.
Abraham Finberg of AB FinWright LLP explains how 471c can be applied on a practical basis by using specific accounting procedures for cannabis businesses. Part 1 in a series of 4.
Join us for our upcoming webinar – Should You Change Your Accounting Method? An Emerging Cannabis Loophole
For cannabis businesses, federal income taxes can be ruinous—even in loss years. Unlike other industries, which pay income taxes only on actual income, cannabis businesses, defined in federal law as drug traffickers, are singled out for an extra tax on a portion of their expenses. As a result, even the best tax planning tends to […]
By Andrew Gradman, Abraham Finberg, and Rachel Wright Andrew Gradman is a tax attorney in Los Angeles. Abraham Finberg and Rachel Wright are principals at AB FinWright LLP. For cannabis businesses, federal income taxes can be ruinous—even in loss years. Unlike other industries, which pay income taxes only on actual income, cannabis businesses, defined in […]