Avoid Cannabis Tax Mistakes that Can Destroy Your Company
Many marijuana companies have faced stormy financial situations recently with collapsing margins, oppressive taxes, and vanishing access to debt and equity capital. Despite financial woes…
Accounting | Cannabis | Tax
Tax Challenges Facing Marijuana Related Businesses (MRBs)
Key Accounting and 280E Implications for Medical Marijuana Businesses This is a summary of key areas to evaluate for marijuana related businesses and their finance…
Accounting | Cannabis | Tax
Things to Know About Tax Audits—Including Cautions for Cannabis Businesses
This year, the IRS will audit hundreds of thousands of tax returns. One in 100 businesses will be audited. The easiest way to survive a…
IRS increases marijuana business audits after COVID-19 lull
According to MJBizDaily.com, the IRS put much of its routine work on the back burner, including audits, enforcement and collections during the coronavirus pandemic. However,…
Smith Patrick Voted 2022 Best Accounting Service by Readers of Greenway Magazine
Smith Patrick CPAs has been voted “Best Accounting Firm in Missouri” by Greenway Magazine in its Reader’s Choice Best of the Industry Awards. Smith Patrick…
Accounting | Cannabis | News | Tax
For Legalized Marijuana, Banking Woes Persist: Smith Weighs in on St. Louis Public Radio
If you’re doing business with a medical marijuana company, your bank may charge you high fees or refuse to do business. David Smith, owner and…
Are You Struggling to Handle an All-Cash Cannabis Business? Then Read This.
Easy to Implement Tips to Set Up a Cashless ATM for Your Cannabis Business In the growing cannabis market, cash is key. Like it or…
Cannabis | Consulting | Tax
Cannabis Audit Procedures Revealed in Confidential IRS Document
New Information on What to Expect During Cannabis Audits The marijuana industry recently gained access to new intel on what to expect during IRS cannabis…
Accounting | Cannabis | Consulting | Tax
Missouri Medical Marijuana Tax Update
280E Update: Pursuing normal business deductions for Missouri medical marijuana licensees Cannabis businesses, also known as marijuana related businesses (MRBs), face significant tax challenges. Though cannabis…
Cannabis | Consulting | Tax
Tax Update: Medical Marijuana Facilities Qualify for Manufacturer’s Sales and Use Tax Exemption in Missouri
Tax Benefit Question: Do medical marijuana facilities qualify for the manufacturer’s sales and use tax exemptions? This important tax benefit can realize a one-time or…