Archives for April 2019

Here’s what people should know about reporting cash payments

Federal law requires a person to report cash transactions of more than $10,000 to the IRS. Here are some facts about reporting these payments.

Who’s covered
For purposes of cash payments, a “person” is defined as an individual, company, corporation, partnership, association, trust or estate. For example:

Dealers of jewelry, furniture, boats, aircraft, automobiles, art, rugs and antiques
Pawnbrokers
Attorneys
Real estate brokers
Insurance companies
Travel agencies

How to report
People report the payment by filing Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. [Read more…]

BUREAU OF CANNABIS CONTROL § 5705. General Sampling Requirements

§ 5705. General Sampling Requirements

(a) The laboratory that obtains samples from a distributor shall perform the required testing.
(b) The laboratory may obtain and analyze samples only from batches in final form as required by Business and Professions Code section 26100. [Read more…]

BUREAU OF CANNABIS CONTROL § 5704. Sampling Standard Operating Procedures

§ 5704. Sampling Standard Operating Procedures

(a) The laboratory shall develop and implement a sampling standard operating procedure (SOP)
that describes the laboratory’s method for obtaining representative samples of cannabis and cannabis product.
(b) The sampling SOP shall include the following information:
(1) A procedure for obtaining samples of each matrix type the laboratory samples, and [Read more…]

Samples of Cannabis – How Does Tax Apply?

As a distributor, manufacturer, or cultivator, you may sell samples or promotional items to a cannabis retailer. How the cannabis excise tax and the sales and use tax apply depends on whether the samples are sold to the retailer for marketing purposes for the retailer’s use, or whether the samples are sold to the retailer for resale to the retailer’s customers.

Samples not sold for resale to a retailer

Cannabis Excise Tax
If the samples or promotional items are sold to the retailer for marketing purposes (that is, the retailer does not resell the samples to their customers), the retailer is the consumer of the items. Samples or promotional items not sold for resale should be labeled as “not for resale.” The cannabis excise tax applies when cannabis or cannabis products are sold by a cannabis retailer to their retail customer. Therefore, the distributor is not required to collect the cannabis excise tax on sales of samples to a cannabis retailer when the retailer is the consumer of the samples and does not resell them. [Read more…]

QuickBooks Online Accountant Trial Balance feature is being discontinued and effective on May 31, 2019

Notice of discontinuation of QuickBooks Online Accountant old Trial Balance feature.

Intuit’s QuickBooks Online Accountant Trial Balance feature is being discontinued and effective on May 31, 2019, the files or content entered by you and stored in the Trial Balance feature will no longer be available for access. Please access your account prior to this date to download and back up your files.

To access and download the files, please follow the steps below:

Log into your client’s QuickBooks Online account: [Read more…]

BUREAU OF CANNABIS CONTROL TESTING LABORATORIES § 5703. Provisional Testing Laboratory License

§ 5703. Provisional Testing Laboratory License

(a) A laboratory may apply for a provisional license prior to receiving ISO/IEC 17025 accreditation provided that the applicant meets all other licensure requirements for a testing laboratory and submits to the Bureau an application in compliance with section 5002 of this division and an attestation that the applicant has or intends to seek ISO/IEC 17025 accreditation for all testing methods required by this division. [Read more…]

Dirty Dozen part 1: Taxpayers should be aware of these tax scams

Dirty Dozen part 1: Taxpayers should be aware of these tax scams

The tax filing deadline has come and gone, but tax scammers continue to work. Again this year, the IRS highlights the twelve top scams in its “Dirty Dozen” list. These scams are often aggressive and happen throughout the year.

The schemes run the gamut from simple refund inflation scams to complex tax shelter deals. A common theme throughout all: scams put taxpayers at risk.

Here is a recap of the first six scams in this year’s Dirty Dozen. Each one includes a link where taxpayers can go to learn more about that scam. This is the first tip of two tips recapping the list of all 12 scams. [Read more…]

BUREAU OF CANNABIS CONTROL TESTING LABORATORIES § 5702. Laboratory License Application

§ 5702. Laboratory License Application

In addition to the information required in section 5002 of this division, an application for a
testing laboratory license includes the following:
(a) A valid certificate of accreditation, issued by an accreditation body, that attests to the laboratory’s competence to perform testing of the following:
(1) Cannabinoids;
(2) Heavy metals;
(3) Microbial impurities;
(4) Mycotoxins; [Read more…]

Six things taxpayers should know about the sharing economy and their taxes

From renting spare rooms and vacation homes to car rides or using a bike…name a service and it’s probably available through the sharing economy. Taxpayers who participate in the sharing economy can find helpful resources in the IRS Sharing Economy Tax Center on IRS.gov. It helps taxpayers understand how this activity affects their taxes. It also gives these taxpayers information to help them meet their tax obligations. [Read more…]

BUREAU OF CANNABIS CONTROL TESTING LABORATORIES § 5701. General Laboratory License Requirements

§ 5701. General Laboratory License Requirements

(a) A licensed laboratory shall maintain ISO/IEC 17025 accreditation for the testing of the
following:
(1) Cannabinoids;
(2) Heavy metals;
(3) Microbial impurities; [Read more…]