Certain types of businesses receive large payments of cash. They may be required to report the transactions to the IRS. Here are the rules.
Expectations are high in Arizona’s cannabis industry and throughout the U.S. as we forge forward in 2021.
Despite the financial, operational and legal challenges facing the cannabis industry, significant growth is expected in Arizona and throughout the U.S. Establishing a consistent and effective risk framework to address these challenges will minimize losses in the future.
ASCPA’s Cannabis Special Interest Section Update The cannabis industry is anticipating high-speed growth potential particularly here in Arizona. Despite the many challenges faced by the industry in 2020, Arizona product sales increased and tremendous growth is expected as a result of recent legalization.
Photo by Tim Agne – KJZZ
MARK BRODIE: Arizona voters last month approved Proposition 207, which legalizes recreational marijuana in the state. Once sales start, buyers will have to pay state, county and city sales taxes. Marijuana will also be subject to a 16% excise tax with that money going to law enforcement, community colleges and other programs. Arizona is one of[ … ]
Amid the COVID-19 pandemic, many employers are looking for tax-advantaged ways to help their employees with additional expenses incurred as a result of the pandemic. Section 139 of the Internal Revenue Code provides the answer. On March 13, 2020, President Trump declared COVID-19 a national disaster under the Robert T. Stafford Disaster Relief and Emergency[ … ]
Photo by Sky Schaudt – KJZZ
Arizona has voted to legalize marijuana for recreational use, a decade after the state legalized medicinal cannabis. The measure is a win for Arizona’s marijuana community and businesses. Four years ago, voters rejected a ballot measure to legalize marijuana that fractured the pro-cannabis community in Arizona. This go around, backers of Prop. 207 sought consensus[ … ]
Josephine Giordano, a Director in BeachFleischman’s Financial Forensics and Business Valuation Services Group, will be giving two presentations at the National Cannabis Business Symposium on October 26-27. She will present on the topics of “Dealing with Disruption After COVID-19” and an “Arizona Update: Growth on the Horizon.” Ms. Giordano is the Chairperson of the Arizona[ … ]
Earlier this year, BeachFleischman’s Josephine Giordano moderated a panel discussion for the newly formed ASCPA Cannabis Special Interest Section covering legal and regulatory challenges, dispensary operations, and accounting and tax issues for cannabis and hemp industry in Arizona. Her article about that panel discussion will be in the May/June issue of AZ CPA magazine.