Facts / Summary / Overview: Internal Revenue Code (IRC) section 280E unfortunately still limits the deduction of expense other than Cost of Goods Sold (COGS) for the Cannabis industry. This is true even if the state has legalized Cannabis. It does not seem fair, but currently...
Since 2021 began, perhaps no industry has created more buzz than cannabis. It's certainly not hard to understand why. Some estimates suggest that annual US pot sales could triple between 2019 and 2025 to more than $41 billion. In the November election, 36 states waved...
A New Study Medical marijuana use is associated with significant reductions in dependence on opioids and other prescription drugs and to increase quality of life, a new study has found. A study performed in Canada, analyzed the rate of prescription drug use and quality of life...
Scope This is to alert Vault 8 clients about Expansion and extension of Employee Retention Credit (ERC) provided by the Consolidated Appropriations Act, 2021 (CAA, 2021) which was signed on December 27, 2020. This credit is also available for the period March 12, 2020 to January...
Looking back at 2020 not only did many top marijuana stocks reach new highs but the global cannabis industry showed great progress. As the cannabis industry has made it through another year many new developments are in the works. Let’s start with cannabis legislation as many...
I. Scope – What is the purpose/ subject of this memo The purpose of this memo is to discuss California Proposition 19, which is also referred to as The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act. This measure...
Here are the highlights from our perspective. On December 15, 2020, two bipartisan COVID-19 relief bills, the Bipartisan COVID-19 Emergency Relief Act of 2020 and the Bipartisan State and Local Support and Small Business Protection Act of 2020, were introduced that contain payroll-related provisions. Background. Earlier in...
Summary The Tax Cuts and Jobs Acts (TCJA) limited the individual tax deduction of state and local taxes (SALT) to $10,000 for married filing joint and $5,000 for married fling separate, or single. We feel this limitation was done to offset tax reductions done to spur...
Democrats are at it again in California. I personally feel that the majority of bills created by California Democrats DO NOT support what the residents of California wants. So, let’s talk about a new one, AB 1253, which can be viewed at http://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB1253 The California Democrats...
If you received a PPP loan, please make sure you read the PPP Loan Forgiveness rules, and contact if you need assistance. We felt the US Chamber of Commerce Guide was well written. You can view it at https://www.uschamber.com/report/guide-ppp-loan-forgiveness If you have questions, or need assistance...