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
Article by Jennifer E. Benda
Fox Rothschild LLP
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