USA: Fox Rothschild Publish Article “United States: Managing the Money From Legalized Marijuana: Accounting Tips for the Cannabis Industry Last Updated: August 3 2016 Article by Jennifer E. Benda Fox Rothschild LLP”

4 August 2016

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United States: Managing the Money From Legalized Marijuana: Accounting Tips for the Cannabis Industry

Last Updated: August 3 2016

Managing the Money From Legalized Marijuana: Accounting Tips for the Cannabis Industry

August 2, 2016 – Alerts

Administrative Law & Government Relations Alert

By Jennifer E. Benda

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Tax and accounting issues you should not ignore when setting up your cannabis business:

The Trouble With Cash-Based Businesses

Internal Controls – any cash-based business is closely scrutinized by the IRS and other taxing authorities. Having robust internal control procedures, in writing, which are strictly enforced, will go a long way in establishing credibility with taxing authorities.
Form 8300 requirements – educate yourself or hire an accountant who can work with you to comply with this filing requirement.
Bank Secrecy Act – take precautions to avoid violations