Some of my primary client groups depend heavily on cash transactions. The seafood and farming industries in rural southwest New Jersey, for example, are almost entirely run on cash. There isn’t a bank branch in our rural township; the closest bank is a 20-30 minute drive each way. Also, parts of our are do not […]
Language matters and I tend to be deliberate in my choice of words. MRB, in my world, means “marijuana related business” and implies a range of business, legal and social determinants. I’m aware that MRB is explained differently in other sources, but that will change quickly as this market explodes.
Revenue Procedure 2018-38 remains controversial. Lawmakers (mostly Democrats) are concerned that it could encourage the flow of dark money into the tax-exempt sector. Their concern is valid. I know of private foundations that have already reorganized as public charities to take advantage of the secrecy rule change for their own benefit. No doubt, this rule […]
I often hear comments that you can’t get a bank account or credit card processing for a marijuana related business (MRB). That is just not true. Peer CPAs on the west coast have reported success in building baking relationships for their clients and we are sure that this trend will expand eastward. What is true […]
It seems like every week lately we read about another cannabis industry fraud. Investors are losing millions. Regulators are levying fines. The IRS, tax court and states are moving at full speed against these companies that simply lack effective management controls. In one tragic case, a cannabis business founder committed suicide after losing millions in […]
There are more than a million nonprofit businesses in the U.S. with more every day. State requirements that new cannabis companies be in nonprofit form bring more attention. Yet most nonprofit organizations are small volunteer-driven businesses with small budgets. They still need to make smart business management decisions, beginning with the business start-up. Starting out […]