4 August 2016

Here’s the link and intro

http://www.foxrothschild.com/publications/managing-the-money-from-legalized-marijuana-accounting-tips-for-the-cannabis-industry/?utm_source=Mondaq&utm_medium=syndication&utm_campaign=View-Original

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, 2016Alerts

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