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Accounting Issues in the Cannabis Industry

DENVER — Money was pouring into Bruce Nassau’s five Colorado Legalized marijuana shops when his accountant called with the bad news: The 2014 tax season was approaching, and Mr. Nassau could not rely on the galaxy of deductions that other businesses use to reduce their tax bills. He was going to owe the Internal Revenue Service a small fortune. “I had to write a check for $275,000,” Mr. Nassau said. “Unbelievable.” The country’s rapidly growing 
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Misguided cops turn the war on weed into a war on growing things, they continue cracking down on marijuana grow operations, especially in heavily armed, unannounced raids, maybe they should consider hiring a botanist or two. Earlier this month, Dwayne Perry of Cartersville, Georgia, was startled out of his bed by a low-flying helicopter. Moments later, WSB-TV reports, heavily armed officers and K-9 units with the Governor’s Task Force for drug suppression showed up, apparently believing 
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Before I get to my business intel, you should know that the personal tax world was roiling late last week over some fraud detected from within TurboTax. Here is the story: http://www.forbes.com/sites/kellyphillipserb/2015/02/06/turbotax-temporarily-halts-e-filing-in-all-states-amid-fraud-concerns/ Essentially, the makers of the software detected a level of fraud occurring in state tax return submissions that made them decide to completely shut down submission of those returns for a period of time. Eventually, they determined that the apparent source of the fraud was outside 
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Upcoming Events
May
25
Sat
2019
9:00 am @ Cultivation Manager/Employee Training
@ Cultivation Manager/Employee Training
May 25 @ 9:00 am – May 26 @ 3:00 pm
420 College is now offering training classes for Cannabis Cultivation Businesses. This class is aimed towards anyone looking to work in a Cannabis Cultivation Business, as well as current employees of Cultivation Sites looking to get training and certification. Our classes will include: Management/Owner Training (Includes all aspects of the Business) Employee Training (Inventory, Office Administration, Cultivators) Day 1 (Saturdays) will cover management training ($395)–(9am-3pm) Day 2 (Sundays) will cover Growers Training ($149)–(9am-3pm) We also 
Jun
1
Sat
2019
9:00 am @ Distribution Manager/Employee Training
@ Distribution Manager/Employee Training
Jun 1 @ 9:00 am – Jun 2 @ 3:00 pm
420 College is now offering training classes for Cannabis Distribution Businesses. This class is aimed towards anyone looking to work in a Cannabis Distribution Business, as well as current employees of Distribution Sites looking to get training and certification. Our classes will include: Management/Owner Training (Includes all aspects of the Business) Employee Training (Inventory, Storage, Packaging, Office Administration, Transporting) Day 1 (Saturdays) will cover management training ($395)–(9am-3pm) Day 2 (Sundays) will cover Transport, Packaging, Storage