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This article takes a look at the question: Are cannabis companies that are considered ‘small businesses’ eligible to make a tax election to immediately expense their inventory under IRC Sec. 471(c)?

The United Nations Commission on Narcotic Drugs recently voted to remove cannabis from Schedule IV of the 1961 Single Convention on Narcotic Drugs.

Earlier this month, the New Jersey Cannabis Regulatory Commission (“CRC”) announced and adopted the first set of rules and regulations to establish the personal use cannabis industry in New Jersey. This article features highlights from some of the various sections of the rules and regulations.

The U.S. Tax Court recently published its opinion, Richmond Patients Group, T.C. Memo. 2020-52, holding that Richmond was subject to IRC Sec. 280E as a reseller and not a producer. This article examines that decision and its ramifications on the industry.

The major forms of Cannabis business entities are partnerships, limited liability companies, C corporations and S corporations. Each entity type has its own unique tax and legal advantages and disadvantages.

The Marijuana Revenue and Regulation Act was introduced in the United States Senate. It is one part of a three-part initiative to push Federal cannabis legalization, and integration of the industry in the US.

This article offers much-needed information about the New Jersey Economic Development Authority’s Cannabis Equity Grant Program.

This article discusses recent news related to the IRS’s opting to not automatically challenge claims made by cannabis business operators claiming the IRC Sec. 199A deduction.

Analysis of Jake Honig Compassionate Use Medical Cannabis Act (the Act) and how it expands access as well as reduces taxes for medical cannabis in New Jersey. The Act has established a five-member Cannabis Regulatory Commission to oversee the program.

The NBA and WNBA and their players associations are about to sign a historic deal that would allow players to invest in and promote cannabis. This post discusses that and other recent changes in how professional sports are viewing cannabis.

A discussion of California Assembly Bill No. 37 exempts commercial cannabis businesses from the provisions of IRC Sec. 280E, allowing California cannabis business owners operating as a sole proprietorship or partnership additional state tax deductions.

A recent article took a look at some of the issues commercial real estate investors are examining surrounding the cannabis industry and included some insights.

This blog takes a brief look at the circumstances around the New York Attorney General’s Charities Bureau suspending its collection of IRS Form 990 Schedule B for charities registered in New York. Charities are no longer required to disclose donor information with their annual filings.

The NJEDA announced the creation of the Cannabis Equity Grant Program. This new program specifically targets cannabis start-ups and will provide grants to approved applicants that will be used for start-up expenditures and technical training.

Rapid growth in a specific industry frequently leads to an increased risk of fraud – and cannabis is proving no different. This article features a brief look at some of the largest fraud risks related to the cannabis industry.

A brief look at the IRS release related to mandatory electronic filing of Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code, by private foundations.

An important step in determining whether funds received are a contribution or an exchange transaction is differentiating the funds as deferred revenue or revenue with donor restrictions.

 The NJ Economic Development Authority announced NJ food and beverage companies can bid on tax credits that will help support statewide food insecurity programs.   

This blog takes a quick look at the Supreme Court’s decision wherein California cannot implement the nonprofit donor disclosure rule (which required charities to file with state regulators the federal form disclosing the names of major donors) – and where the ramifications may be felt. .

In the NonProfit Times article, “5 Tips When Preparing Your June 30 Audit,” Christine Hall shares tips that nonprofits can use to prepare for their June 30 year-end audits.