Video Newsletter: 5 Years of Advocacy, Education, and Community
Even if you couldn’t attend NCIA’s 5th Anniversary Banquet held in Las Vegas on November 11th, you can still reflect on five years of industry advocacy, education, and community with a few of our founding members in this video presentation.
We are proud of the nearly 1,000 member-businesses that have come together as the unified voice of the cannabis industry.
Not yet a member of NCIA? It’s never too late to get involved in paving a prosperous future for the cannabis industry — join today!
Special Thanks to: Christie Lunsford, Jay and Diane Czarkowski, Brian Vicente, Ean Seeb, Erich Pearson, Étienne Fontán, Julianna Carella, Jill Lamoureux, Rob Kampia, and Steve DeAngelo.
The 5 Critical Pieces of Cannabis Legislation You Need to Know About
by Michelle Rutter, Government Relations Coordinator
As the cannabis industry has continued to thrive and expand, the number of bills in Congress dealing with the issue has done the same. Between the House of Representatives and the Senate, there are well over a dozen bills that address the conflicts between state and federal cannabis policy. NCIA’s lobbying efforts focus primarily on banking access and the unfair taxation caused by Section 280E, but we also advocate for other bills that are crucial for the industry. Below are my choices for “The 5 Critical Pieces of Cannabis Legislation You Need to Know About”:
BANKING H.R.2076: Marijuana Businesses Access to Banking Act of 2015 Introduced by: Rep. Ed Perlmutter (D-CO, 7th District) Last Action: Referred to House Subcommittee on Crime, Terrorism, Homeland Security, and Investigations on June 1, 2015. Summary: This bill would provide a safe harbor for depository institutions providing financial services to a cannabis-related business insofar as it prohibits a federal banking regulator from: (1) terminating or limiting the deposit or share insurance of a depository institution solely because it provides financial services to a marijuana-related legitimate business; or (2) prohibiting, penalizing, or otherwise discouraging a depository institution from offering such services.
S.1726: Marijuana Businesses Access to Banking Act of 2015 Introduced by: Sen. Jeff Merkley (D-OR) Last Action: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs on July 9, 2015. Summary: Although the House and Senate cannabis banking bills are companions, the bill introduced by Sen. Merkley is slightly more detailed in its language.
The Senate bill would prevent federal banking regulators from: prohibiting, penalizing or discouraging a bank from providing financial services to a legitimate state-sanctioned and regulated marijuana business; terminating or limiting a bank’s federal deposit insurance solely because the bank is providing services to a state-sanctioned marijuana business; recommending or incentivizing a bank to halt or downgrade providing any kind of banking services to these businesses; or taking any action on a loan to an owner or operator of a marijuana-related business.
The bill also creates a safe harbor from criminal prosecution and liability and asset forfeiture for banks and their officers and employees who provide financial services to legitimate, state-sanctioned marijuana businesses, while maintaining banks’ right to choose not to offer those services. It would also require banks to comply with current Financial Crimes Enforcement Network (FinCEN) guidance, while at the same time allowing FinCEN guidance to be streamlined over time as states and the federal government adapt to legalized medicinal and recreational marijuana policies.
280E H.R.1855: Small Business Tax Equity Act of 2015 Introduced by: Rep. Earl Blumenauer (D-OR, 3rd District) Last Action: Referred to House Committee on Ways and Means on April 16, 2015. Summary: Amends the Internal Revenue Code by adding language at the end of Section 280E that would exempt a trade or business that conducts marijuana sales in compliance with state law from the prohibition against allowing business-related tax credits or deductions for expenditures in connection with trafficking in controlled substances.
S.987: Small Business Tax Equity Act of 2015 Introduced by: Sen. Ron Wyden (D-OR) Last Action: Referred to Senate Committee on Finance on April 16, 2015. Summary: This Senate bill is the companion to the H.R. 1855 described above. As such, the summary is the same.
STATES’ RIGHTS AND RESPONSIBILITIES H.R.1940: Respect State Marijuana Laws Act of 2015 Introduced by: Rep. Dana Rohrabacher (R-CA, 48th District) Last Action: Referred to the House Subcommittee on Crime, Terrorism, Homeland Security, and Investigations on May 15, 2015. Summary: Amends the Controlled Substances Act to provide that the provisions of the Act related to cannabis shall not apply to any person acting in compliance with state laws relating to the production, possession, distribution, dispensation, administration, or delivery of marijuana
CIVIL ASSET FORFEITURE H.R.3518: Stop Civil Asset Forfeiture Funding for Marijuana Suppression Act of 2015 Introduced by: Rep. Ted Lieu (D-CA, 33rd District) Last Action: Referred to the House Subcommittee on Crime, Terrorism, Homeland Security, and Investigations on October 5, 2015. Summary: This bill would prevent the Drug Enforcement Administration (DEA) from using federal forfeiture funds to pay for its Domestic Cannabis Eradication/Suppression Program. Additionally, the bill would ban transferring property to federal, state or local agencies if that property “is used for any purpose pertaining to” the DEA’s marijuana eradication program.
MEDICAL CANNABIS S.683: Compassionate Access, Research Expansion, and Respect States (CARERS) Act of 2015 Introduced by: Sen. Cory Booker (D-NJ) Last Action: Referred to Senate Committee on the Judiciary on March 10, 2015. Summary: Amends the Controlled Substances Act (CSA) to provide that control and enforcement provisions of such Act relating to marijuana shall not apply to any person acting in compliance with state law relating to the production, possession, distribution, dispensation, administration, laboratory testing, or delivery of medical marijuana.
Transfers marijuana from schedule I to schedule II of the CSA.
Excludes “cannabidiol” from the definition of “marijuana” and defines it separately as the substance cannabidiol, as derived from marijuana or the synthetic formulation, that contains not greater than 0.3% delta-9-tetrahydrocannabinol on a dry weight basis.
Prohibits a federal banking regulator from: (1) terminating or limiting the deposit insurance of a depository institution solely because it provides or has provided financial services to a marijuana-related legitimate business; or (2) prohibiting, penalizing, or otherwise discouraging a depository institution from providing financial services to a marijuana-related legitimate business.
Provides depository institutions that provide financial services to a marijuana-related legitimate business protection under federal law from federal criminal prosecution or investigation, criminal penalties, and forfeiture of legal interest in collateral solely for providing financial services to such a business.
Directs The Department of Health and Human Services to terminate the Public Health Service interdisciplinary review process described in the guidance entitled “Guidance on Procedures for the Provision of marijuana for Medical Research” (issued on May 21, 1999), and also demands the Drug Enforcement Administration to issue at least three licenses under CSA registration requirements to manufacture marijuana and marijuana-derivatives for research approved by the Food and Drug Administration. Also directs the Department of Veterans Affairs (VA) to authorize VA health care providers to provide veterans with recommendations and opinions regarding participation in state marijuana programs.
H.R.1538: Compassionate Access, Research Expansion, and Respect States (CARERS) Act of 2015 Introduced by: Rep. Steve Cohen (D, TN-9) Last Action: Referred to the House Subcommittee on Crime, Terrorism, Homeland Security, and Investigations on April 21, 2015. Summary: This House bill is the companion to S. 683 described above. As such, the summary is the same.
In addition to these crucial pieces of legislation, there are other bills relating to cannabis that have been introduced to Congress on issues like CBD, a federal excise tax on cannabis, veterans’ access, and hemp. Cannabis advocates and NCIA members should continue to participate in NCIA’s events and lobbying efforts in addition to contacting their elected officials in order to see cannabis continue to progress in Washington, D.C. and on Capitol Hill.
Guest Post: Favorable IRS Ruling – State Excise Tax May Escape 280E Treatment
by Luigi Zamarra, CPA
On July 31, 2015, the IRS released ILM 201531016, concluding that the old Washington State cannabis excise tax may be properly treated as a reduction of gross revenues received. This is a very favorable ruling for our industry as it means that this tax can escape the harsh non-deductibility treatment of IRC Section 280E.
Although this ruling is applicable directly only to old Washington law, it may have far-reaching consequences for cannabis businesses operating in other jurisdictions that also impose special taxes on cannabis business activities.
As originally enacted, the Washington excise tax is imposed upon all sales of cannabis, at either the producer level, the processor level, or the retail level. As written, the tax is imposed upon each sale. (This law has now been amended so that the tax is imposed only at the retail level.)
The IRS has concluded that businesses may treat this tax as a reduction of Gross Revenues. This treatment is similar to “Returns & Allowances” in that it is a “Revenue Contra Account.” As such, it is not an expense, either above-the-line (Cost of Goods Sold) or below-the-line. Since it may be treated as a reduction of Gross Revenues rather than as an expense, it should escape treatment as non-deductible under IRC Section 280E.
Colorado also imposes a variety of special taxes upon cannabis sales. In California, local cities and counties impose special taxes on cannabis sales too. Although it is not yet clear, it seems there may be opportunities for businesses in these jurisdictions to take advantage of this ruling. This would involve these businesses changing their accounting treatment for these taxes: away from an expense or Cost of Goods Sold treatment and toward a Revenue Contra Account treatment.
Businesses are advised to consult with their CPA for a more in-depth analysis of the application of this ruling to their particular situation.
Luigi Zamarra, CPA
Luigi Zamarra, CPA, has been a member of NCIA since 2013. Luigi CPA is an accounting firm located in Oakland, CA, that helps all types of businesses and individuals with tax planning, tax compliance, and tax dispute services. Luigi specializes in the medical marijuana industry. He helps these businesses comply with IRC Section 280E so as to balance tax cost against audit examination risk.
*Disclaimer: NCIA does not provide legal or financial services or advice. Any views or opinions presented in this guest blog post are solely those of the author and do not necessarily represent those of the organization. You must not rely on the legal information on our website as an alternative to legal or financial advice from your lawyer or other professional services provider.
Policy Update: Success in the Senate
by Michelle Rutter, Government Relations Coordinator
In the first week of June, the cannabis industry was celebrating its victories in the House of Representatives. At the end of last week, we were celebrating a victory in the US Senate, too.
At the beginning of the month, the U.S. House of Representatives debated the Commerce, Justice, and Science (CJS) Appropriations bill (HR 2578), which funds applicable government agencies for the upcoming FY2016. This year, there were four cannabis-related amendments under consideration in the House: the Rohrabacher-Farr medical marijuana amendment, the McClintock-Polis adult-use marijuana amendment, the Bonamici-Massie industrial hemp amendment, and the Perry CBD oil amendment. You can read about the results of the House votes in this NCIA blog post.
On June 11, two cannabis-related amendments were brought before the Senate Appropriations Committee. Cannabis champion Sen. Barbara Mikulski (D-MD) offered a medical cannabis amendment, which would ban the Department of Justice from interfering with state-compliant medical cannabis businesses. In addition, Sen. Jon Tester (D-MT) offered a hemp amendment that would protect state industrial hemp laws from the Department of Justice’s interference. These amendments are the Senate companions to the House’s Rohrabacher-Farr and Bonamici-Massie amendments, respectively.
The Senate Appropriations Committee voted with Sen. Mikulski to protect state medical marijuana laws 21-9. Senator Jerry Moran (R-KS) changed his original ‘No’ vote to a ‘Yes’, while presidential contender and Senator Lindsey Graham (R-SC) also attempted to change his ‘No’ vote to a ‘Yes’, but was too late. Sen. Tester’s industrial hemp amendment also passed through the committee via voice-vote.
Victory is sweet, but it’s important to remember that these appropriations amendments only protect states’ medical cannabis and hemp laws for the upcoming fiscal year. As encouraging as the appropriations season has been, it is still imperative that we pass comprehensive cannabis banking and 280E reform bills in order to be treated like every other American business.
Below is the detailed vote breakdown from the Senate committee’s vote on the Mikulski amendment:
Republicans
Democrats
Thad Cochran (R-MS): No
Barbara Mikulski (D-MD): Yes
Mitch McConnell (R-KY): No
Patrick Leahy (D-VT): Yes
Richard Shelby (R-AL): No
Patty Murray (D-WA): Yes
Lamar Alexander (R-TN): Yes
Dianne Feinstein (D-CA): No
Susan Collins (R-ME): Yes
Richard Durbin (D-IL): Yes
Lisa Murkowski (R-AK): Yes
Jack Reed (D-RI): Yes
Lindsey Graham (R-SC): No
Jon Tester (D-MT): Yes
Mark Kirk (R-IL): No
Tom Udall (D-NM): Yes
Roy Blunt (R-MO): Yes
Jean Shaheen (D-NH): Yes
Jerry Moran (R-KS): Yes
Jeff Merkley (D-OR): Yes
John Hoven (R-ND): No
Chris Coons (D-DE): Yes
John Boozman (R-AR): No
Brian Schatz (D-HI): Yes
Shelley Moore Capito (R-WV): Yes
Tammy Baldwin (D-WI): Yes
Bill Cassidy (R-LA): Yes
Chris Murphy (D-CT): Yes
James Lankford (R-OK): No
Steve Daines (R-MT): Yes
Member Spotlight: Pioneer Nuggets
NCIA’s Member Spotlight for the month of May takes us up to Arlington, Washington, to speak with Fitz Couhig, CEO of Pioneer Nuggets, an indoor craft agriculture company that supports the adult retail consumer industry for cannabis in Washington State.
Cannabis Industry Sector:
Cannabis Cultivation
NCIA Member Since:
2014
How do you uniquely serve the cannabis industry?
We focus on the core competency of making a quality flower product for consumers. Focusing on a core competency and providing effective just-in-time inventory services are setting us apart. Our assembly-line work flow and perpetual production that supports our made-to-order inventory management system are unique as well.
Why should customers buy cannabis grown by Pioneer Nuggets?
Black Haze cannabis strain, grown by Pioneer Production and Processing, LLC
We serve consumers over the age of 21 that enjoy cannabis and visit an adult-use (+21) retail shop in the State of Washington. Adults should go with Pioneer Nuggets because they enjoy cannabis that is smooth and high in flavor profiles.
Can you give us some insight into the cannabis community in Washington, the challenges, upsides, and where you’d like to see it go?
The most unique challenge is being a wholesaler. No other taxed and traded system involves wholesaling and distribution, and we are required to do it without the help of any other organization. Serving retailers is what we do. We would like to see the industry move in the direction that allows retailers, processors, and producers to all thrive. We need tax reform and we need to be treated like normal businesses.
The Pioneer Nuggets team, based in Arlington, WA
How many employees do you have and how many customers do you serve?
We have 18 full-time employees and serve around 25 licensed retailers. It takes a lot of great people to continually make sensational products and provide excellent customer service.
Why did you join NCIA?
We joined NCIA for two reasons. One, the organization structure is well designed to develop a quality trade association for the cannabis industry we are a part of. Two, the team of people responsible for the NCIA and supporting its efforts and mission. We believe NCIA will succeed in creating the standards and forums industry professionals need, that our employees need, and that our organization needs.
Although there are many legal considerations when choosing the right type of legal entity for your business, one consideration that is often overlooked is Section 280E. Corporations, including S corporations, are required to pay reasonable salaries to owners and officers working in the business. By “reasonable” in this context we mean a certain minimum salary amount. This requirement is due to Social Security tax issues that are beyond the scope of this article. The point is that owners must draw a salary and if that owner is involved in selling, marketing and/or delivery, then these salaries are subject to disallowance under 280E.
IS A LIMITED LIABILITY COMPANY RIGHT FOR MY BUSINESS?
A Limited Liability Company is different in this regard. There is no requirement to pay a salary to the business owner who works the business. Instead the net profit of the business is the income reported by the owner. (This applies to both single-member LLCs as well as to multi-member LLCs that are taxed like partnerships.) When owners report net income rather than salary, then they have no salary expense to be disallowed under Section 280E.
CONSULT YOUR CPA
Note that this benefit does not have to be limited only to the founder-LLC member. It is possible, with proper advice and planning, to create an LLC structure whereby all of the workers get treated as LLC members. Such a structure could substantially reduce your 280E expenses and give you the competitive advantage you need to succeed.
Want to learn how to navigate the complex tax & legal landscape of the growing cannabis industry? Join us for NCIA’s first Cannabis Tax And Law Symposium on January 21-22, 2015 in San Diego, CA, offering CPE and/or MCLE credits to attorneys or accountants that attend to learn more about these important topics! Register today.
Luigi Zamarra, CPA, has been a member of NCIA since 2013. Luigi CPA is an accounting firm located in Oakland, CA, that helps all types of businesses and individuals with tax planning, tax compliance, and tax dispute services. Luigi specializes in the medical marijuana industry. He helps these businesses comply with IRC Section 280E so as to balance tax cost against audit examination risk.
*Disclaimer: NCIA does not provide legal or financial services or advice. Any views or opinions presented in this guest blog post are solely those of the author and do not necessarily represent those of the organization. You must not rely on the legal information on our website as an alternative to legal or financial advice from your lawyer or other professional services provider.
D.C. UPDATE: The November Election, What Comes Next, and Welcoming a New Staffer
By Michael Correia, NCIA Director of Government Affairs
As we come up on Halloween, I can’t think of a more fitting holiday to give a DC update (as most things coming out of Congress tends to scare us all!)
The election is just around the corner and, in addition to determining the make-up of Congress, there are four very important marijuana ballot initiatives voters will be deciding on. Voters in Alaska, Oregon, and Washington, D.C. will be voting on some form of an adult-use, tax-and-regulate structure (similar to Colorado), and Florida voters will decide on legalizing medicinal marijuana. The passage of all four, in addition to being positive developments in the states, would certainly help our work in D.C. Members of Congress are self-interested and they care about their states and their districts. When more states legalize marijuana, it makes my job easier, as it forces more members of Congress to address the issue.
After the election, Congress will come back for a very short (two week) “lame-duck” session. In that time, they will vote on party leadership posts and determine committee chairs, in addition to funding the government. Because the two issues NCIA members care most about are 280E tax reform and resolving the banking issue, the committees of jurisdiction in the House are the Ways and Means Committee and the Financial Services Committee. In the House, it’s a near certainty Republicans will stay in control; so for Ways and Means, it’s looking like Congressman Paul Ryan of Wisconsin will be Chair, and for Financial Services, it’s looking like Congressman Jeb Hensarling of Texas will be Chair (although both will be challenged by other members). Neither of them have been supporters of marijuana policy reform in the past and have voted in opposition to our amendments when they were on the House Floor earlier this year.
Control of the Senate is still up in the air, and it will come down to 3 competitive seats. The results should be known soon after polling places close, but in Louisiana, if no candidate receives over 50%, then a run off election is held in December. So it is conceivable that control of the Senate may not be determined until December 7. Exciting times indeed! The committees of jurisdiction in the Senate are the Banking Committee and the Finance Committee, and Senate Chairmen are picked based on Committee seniority.
Halloween also happens to be my one-year anniversary with NCIA! And what a year it’s been. I feel as if so much has been done in the past year, but there is so much more to do. I look forward to the upcoming year and am even happier to say that our DC operation is expanding. NCIA has hired Michelle Rutter as our new government affairs coordinator. Having her on board will make me more efficient and effective in my job and will allow me to focus more on strategy, fundraising, advocacy, and taking NCIA to new levels.
Prior to working for NCIA, Michelle was a Research Analyst at a government affairs firm in Washington, DC, where she analyzed and tracked legislation on numerous issues. Michelle graduated from James Madison University in 2012, receiving her Bachelor of Arts degree in Political Science with a minor in History. During her studies, she held a year-long internship with Virginia House of Delegates member Tony Wilt. There, she communicated with constituents, businesses, and government officials alike, facilitating meaningful conversations. Michelle was also a member of a pre-law fraternity where she planned events and hosted social functions that sought to encourage long-lasting professional and personal relationships with members. A native Virginian, Michelle currently resides in the Washington, DC, suburb of Alexandria, VA.
D.C. Update: Congress Takes a Minimalist Approach on Marijuana (and Everything Else)
As Congress starts winding down what many pundits have described as the least effective Congress in history, marijuana proponents can still celebrate modest successes this year and look forward to carrying our positive momentum into 2015.
For the first time in history, the House of Representatives passed pro-marijuana legislation. Unfortunately, the Senate will not take up the legislation, due to inter-party bickering. And although lawmakers just returned from thirty-seven days of recess, they are expected to be in session for as little as seven legislative days before going home for the November midterm elections. In those few days, Congress is expected to pass a spending bill that will fund the government until December, but is not expected to vote on any issues related to marijuana legislation. They are expected to convene after the election for a “lame-duck” session in November, and depending on the schedule, NCIA is planning to hold events in D.C. at this time.
This midterm election is anticipated to have low voter turnout, and it is expected that the House of Representatives will stay in Republican control for the next two years, while it is highly likely that the Senate will change hands and become Republican-led as well. Although our policy positions tend to be supported more by Democrats, we have many members of both parties supporting our issues, and we continue to make inroads with Republican offices.
Now is the perfect time for our industry to lay the groundwork and start building goodwill into next year, as marijuana issues are on the ballot in Alaska, Oregon, and Florida. Marijuana policies have not traditionally been high on politicians’ radars, but this year has seen a tremendous spike in attention and recognition of our issues. That means it’s imperative for our industry to continue becoming more politically engaged. It also means that we must continue to be active in our communities and show our neighbors and leaders the positive public face of the industry.
With two months to go before the elections, many politicians will be back in their districts doing campaign events, and all NCIA members should use this link to find their Members of Congress and attend any local events they are hosting. If your elected officials are supportive of our issues, make donations to their campaigns and help them get re-elected by volunteering on their efforts. If they are opposed to our issues, work for their opponents. We are right on the policies, but the reality is politicians need to get re-elected, and the people who help make that happen are much more likely to get a positive response in D.C.
I plan to do the same thing here in D.C. In fact, once I finish writing these words, I’ll be off to attend a fundraiser for Senator Mark Udall of Colorado and Senator Mark Begich of Alaska.
Michael Correia is NCIA’s director of government relations, based in Washington, D.C. Find out more about NCIA’s federal policy objectives.
NCIA Board Plans Future for Industry’s Trade Association
By Aaron Smith, NCIA executive director
The National Cannabis Industry Association’s newly-elected Board of Directors met last week in Seattle to receive presentations from staff and provide strategic direction for the organization’s core efforts.
One of the primary responsibilities of the board is to oversee NCIA’s financial affairs, which are very healthy as membership rolls have reached nearly 700 cannabis businesses midway through the year. NCIA’s revenues are 10% over the projections for Q1 and Q2 and spending is on target. The success of our national conference and growth in membership have allowed NCIA to hire an additional events coordinator who will assist the organization in building out a robust agenda of educational and networking events for members.
The board also received presentations from Deputy Director Taylor West and Director of Government Relations Michael Correia on NCIA’s communications and lobbying efforts, respectively. NCIA and the cannabis industry have garnered more media attention in 2014 than ever before, raising awareness of the positive contribution responsible cannabis businesses make to the national economy and growing public support for the federal and state policy reforms needed to advance the regulated industry across the country.
The addition of a full-time staff lobbyist at the end of last year has allowed us to provide more political representation in Washington, DC than ever before. NCIA’s director of government relations has already made contact with every congressional office and has personally met with over 200 House offices and 30 Senate offices to build support for amending the 280E provision of the tax code as well as reforms to banking regulations so that the cannabis providers will someday (hopefully soon) have access to basic financial services all other industry’s take for granted.
A former Republican Hill staffer himself, Michael Correia, has focused primarily on building relationships with conservative members of Congress and appealing to them on issues of states’ rights and limited government. This effort helped lead to the Republican-controlled House of Representatives voting for the first time to block federal resources from to be used to undermine state medical marijuana laws or penalize financial institutions for doing business with state-legal cannabis providers.
The board also collectively donated over $8,000 to NCIA’s federal PAC during the meeting so that the industry can further support candidates that support our issues in the months ahead.
The future is bright for the cannabis industry and its trade association but there is still a lot of work that needs to be done before our members are treated fairly under federal law. As NCIA grows, we will continue to dedicate resources to important government and public relations work as well as building a culture of responsibility and political engagement within the industry.
Guest Post: Starting a conversation on 280E reform
By Hank Levy, Bridge West, LLC
This is the first of a series of blog posts that Jim Marty and I will do for NCIA. We will attempt to talk about our latest thoughts on the highly technical subject of 280E tax reform without boring you.
The latest development, of course, is that a new case just went up to the U.S. Tax Court. This was for the Canna Care Dispensary in the Del Paso Heights of Sacramento, California. Those of us experienced in the cannabis taxation field are extremely nervous about this case. None of us know Canna Care’s lawyer or their tax preparer. They are using religious beliefs as a defense against tax law (difficult!). And the judge is the same as in the Olive v. Commissioner of Internal Revenue case, which went very badly for the medical marijuana industry. The decision probably won’t be rendered for at least six months. As the Canna Care proprietors might say, let’s pray for the best.
Is there hope? In future posts, we are going to discuss some ideas we have about 280E:
The definition of trafficking, and seeing if this can help us.
How other “criminal activity” is handled in tax law.
The role of counseling and education in reducing the 280E problem.
How the new FINCEN regulations on banking may give us some ways to maneuver around 280E
So, stay tuned.
Hank Levy is the owner of a CPA/Consulting Firm in the Rockridge section of Oakland California, in existence since 1990. The firm specializes in income tax planning and tax compliance for individuals, corporations, partnerships, LLCs, trusts, estates and non-profit clients. It also does training/consulting on QuickBooks as well as prepares financial disclosure reports for political campaigns. Hank and his partner Jim Marty make up Bridge West, LLC, a firm providing expert business & tax consulting for the legalized marijuana industry.
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