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2020 Tax Extensions – Shortest Extension Period Ever – why that matters
Were you one of the millions of businesses that filed for an extension two weeks ago or back in March that still has not gotten around to starting work on your 2019 taxes? If you were, I would HIGHLY recommend that you contact your accountant or tax preparer...
IRS 280E: What You Need to Know
There’s been a lot of progress in the way people in the US think about cannabis and its uses. As of January 1, 2020, recreational use by adults is legal in 11 states and medical use is legal in 33 states. At the federal level, though, cannabis is still what’s...
How to Defer Taxes While Taking Cash out of Your IRA to Invest in Real Estate or Other Business Opportunities
Are you looking for a way to diversify your IRA? While stocks and bonds are popular investments, you might consider investing in real estate to generate extra income. Many individuals view real estate as an intelligent, long-term investment that protects portfolios...
Cannabis Taxes are Complicated – Why You Should Not Do Them Yourself
One comment we hear very often from cannabis business owners after their first year of business is “We did not make much money in our first year of business (or we had a loss), so the taxes are not too complicated. We can either file them ourselves this year or...
Questions To Ask When Hiring A Cannabis Accountant
MONTHLY ACCOUNTING & TAX ADVICE FEATURED IN THE HAPPY MUNKEY NEWSLETTER #8 One of the most important financial decisions you can make for your cannabis business is selecting the right accountant to handle your monthly financial preparation and even more important,...
How to Use Your 401k or IRA to Invest in Investment Opportunities That Aren’t Traditional Stock
The vast majority of Americans save for their future through IRAs and employer-sponsored 401(k) retirement accounts—and for good reason. These professionally administered, tax-advantaged accounts make it easy to grow your nest egg through a variety of traditional...
The Importance of Having Up-To-Date Financials for Your Hemp or Cannabis Business
Dealing with finances is not exactly one of the most fun aspects of running a business. Even so, detailed financials are vital to your success. Just like any other business in the US, your cannabis or hemp business needs to have accurate, up-to-date financial...
The Potential Deductibility of Payroll Expenses Related to PPP Loans
The IRS recently released guidance saying businesses participating in the Paycheck Protection Program should refrain from deducting certain expenses from their annual tax returns. Here, you'll learn everything you need to know about the tax consequences of accepting...
CORONAVIRUS Business Advice
With at-home and limited travel restrictions that are in place across the country due to the COVID-19 pandemic, business owners are facing new challenges to keep their operations running smoothly. From remote working situations to daily video meetings and conference...
Why So Many Cannabis Businesses Are Structuring as C-Corps
As you begin researching options for structuring your new cannabis business, you’ll likely notice that a lot of cannabis companies decide to become “C-corps.” That’s because a C-corp gives you more opportunities to separate your personal and business finances. State...
Economic Impact Payment (Stimulus Check) Information
On March 27, 2020, the Coronavirus Aid, Relief Economic Security Act (CARES) was signed into law. One section of this $2 trillion stimulus package authorized Economic Impact Payments (stimulus checks) to be issued in an attempt to provide a temporary boost to the...
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Corporate Tax Deadline and Extension Information
As everyone is starting a very crazy and unfamiliar week with everything happening in the world, there has been a lot of talk over the last few days about a possible extension of the April 15th tax deadline. What has not been covered anywhere that i have seen or read,...
Why IRS 280e Isn’t Going Anywhere
As part of the cannabis industry, you’ve probably heard rumors about the end of IRS Section 280E. Plenty of people in the business have been expressing optimism or even certainty lately that the rule is on its way out. But before you start counting on that, get the...
Cannabis Businesses: Where to Start and How to Structure
It’s a great time to get into the cannabis market. The industry is expected to see more than 18% overall growth in the next seven years and North America holds the biggest market share at 88%. In the US alone, more and more states are making recreational cannabis use...
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