Archives for May 2019

Which marijuana stocks are investors watching for the end of May?

May has been quite a month for the world of marijuana stocks. In only a short period of time, we have seen valuations shift toward meeting the future goals of the market place. With so much changing and so much to look forward too, it can often be difficult to choose the right company to invest in. Bear in mind that the companies at the top of the market, may not always be the ones with the best value. The best advice is to always do the research before buying into any company.

TransCanna Holdings Inc. (TCAN)(TCAN.CN) is one of the leading companies when it comes to the world of cannabis. Based out of Canada, TransCanna Holdings has been working to secure the method of being the go-to person for all things that cannabis companies have to handle on a daily basis. This means that they do everything from branding and transportation all the way to distribution services. The majority of their operations are based out of California, which is widely regarded as the largest marijuana market in the world.

TransCanna Holdings recently announced that they have entered into a non-binding letter of intent with the company Persuasion Brewing Co. to begin the production of CBD infused non-alcoholic beverages. These types of beverages have become wildly popular throughout the industry in recent months, and the demand looks as though it will continue to skyrocket.

The main aim of these products is to reach into the health side of the industry as opposed to that of the medicinal market. Additionally, these products can also be used for recreational purposes as an alternative to alcohol. With this agreement, TransCanna Holdings will a lot a certain amount of room to Persuasion Brewing in their new almost 200,000 square foot facility.

Jim Pakulis, CEO of TransCanna Holdings stated that “Our 196,000-square-foot vertically integrated, cannabis-focused facility is perfectly designed to have a comprehensive bottling and canning line for multiple types of beverages. However, we firmly believe that our first beverage product subject to receipt of the appropriate licenses should be a private labeled non-alcoholic CBD-infused beer.” All in all, TransCanna Holdings looks as though they are cementing quite a bright future for themselves.

Cannabis Sativa Inc. (OTCMKTS:CBDS) is a company that works by producing various products for sale in the marijuana market. The company produces everything from edibles to recipes and various delivery systems for the products. Because they have such a broad spectrum of offerings, the company has been able to move their market further out than ever before.

One thing to keep in mind is that they are still on track to lose money, which many cannabis companies see, but they should be able to even this out in the near future. This is mostly due to the massive capital needs it takes to produce marijuana. Cannabis Sativa Inc. remains an interesting alternative choice for the world of weed.

Special Thanks to 420intel & Marijuana Stocks for original content

All taxpayers should plan ahead for natural disasters

Floods, wildfires, hurricanes, tornados and other natural disasters happen quickly and often with little warning. No one can prevent these disasters from happening, but people can prepare for them.

Here are some things taxpayers can do to help protect their financial safety should a disaster occur. Taxpayers should:

Update emergency plans.
A disaster can strike any time. Personal and business situations are constantly evolving, so taxpayers should review their emergency plans annually.

Create electronic copies of documents.
Taxpayers should keep documents in a safe place. This includes bank statements, tax returns and insurance policies. This is especially easy now since many financial institutions provide statements and documents electronically. If original documents are available only on paper, taxpayers should scan them. They should save them on a DVD or CD, or store them in the cloud.

Document valuables. It’s a good idea to photograph or videotape the contents of any home. This is especially true when it comes to items of value. Documenting these items ahead of time makes it easier to claim insurance and tax benefits if a disaster strikes. The IRS has a disaster loss workbook. Using this can help taxpayers compile a room-by-room list of belongings.

Remember the IRS is ready to help. In the case of a federally declared disaster, affected taxpayers can call the IRS at 866-562-5227. The taxpayer can speak with an IRS specialist trained to handle disaster-related issues. Taxpayers can request copies of previously filed tax returns and attachments by filing Form 4506. They can also order transcripts showing most line items through Get Transcript on IRS.gov. They can also call 800-908-9946 for transcripts.

Know what tax relief is available in disaster situations
Taxpayers should be aware that the Tax Cuts and Jobs Acts modified the itemized deduction for casualty and theft losses. After Dec. 31, 2017, net personal casualty and theft losses are deductible only to the extent they’re attributable to a federally declared disaster. Claims must include the FEMA code assigned to the disaster.

Additional IRS Resources:

Home office deduction benefits eligible small business owners

Small business owners may qualify for a home office deduction that will help them save money on their taxes, and benefit their bottom line. Taxpayers can take this deduction if they use a portion of their home exclusively, and on a regular basis, for any of the following:

As the taxpayer’s main place of business.
As a place of business where the taxpayer meets patients, clients or customers. The taxpayer must meet these people in the normal course of business.
If it is a separate structure that is not attached to the taxpayer’s home. The taxpayer must use this structure in connection with their business
A place where the taxpayer stores inventory or samples. This place must be the sole, fixed location of their business.
Under certain circumstances, the structure where the taxpayer provides day care services.

Deductible expenses for business use of a home include:

Real estate taxes
Mortgage interest
Rent
Casualty losses
Utilities
Insurance
Depreciation
Repairs and Maintenance

Certain expenses are limited to the net income of the business. These are known as allocable expenses. They include things such as utilities, insurance, and depreciation. While allocable expenses cannot create a business loss, they can be carried forward to the next year. If the taxpayer carries them forward, the expenses are subject to the same limitation rules.

There are two options for figuring and claiming the home office deduction.

Regular method
This method requires dividing the above expenses of operating the home between personal and business use. Self-employed taxpayers file Form 1040, Schedule C, and compute this deduction on Form 8829.

Simplified method
The simplified method reduces the paperwork and recordkeeping for small businesses. The simplified method has a set rate of $5 a square foot for business use of the home. The maximum deduction allowed is based on up to 300 square feet.

There are special rules for certain business owners:

Daycare providers complete a special worksheet, which is found in Publication 587.
Self-employed individuals use Form 1040, Schedule C, Line 30 to claim deduction.

BUREAU OF CANNABIS CONTROL;§ 5723. Heavy Metals Testing

(a) The laboratory shall analyze a sample of cannabis or cannabis product to determine whether heavy metals are present. (b) The laboratory shall report the result of the heavy metals test in micrograms per gram (µg/g) on the COA and indicate “pass” or “fail” on the COA. (c) A sample shall be deemed to have passed the heavy metals testing if the presence of heavy metals does not exceed the action levels listed in the following table. (d) If a sample fails heavy metals testing, the batch from which the sample was collected fails heavy metals testing and shall not be released for retail sale.

Heavy Metal Action Level (µg/g) Inhalable Cannabis and Cannabis Products Other Cannabis and Cannabis Products Cadmium 0.2 0.5 Lead 0.5 0.5 Arsenic 0.2 1.5 Mercury 0.1 3.0 Authority: Section 26013, Business and Prof

IRS: Doing a ‘Paycheck Checkup’ is a good idea for workers with multiple jobs

WASHINGTON — The Internal Revenue Service urges taxpayers who work multiple jobs or who may be adding summer employment to complete a Paycheck Checkup. Doing so will help them check if they are having the right amount of tax withheld from their paychecks.

Checking and adjusting tax withholding as early as possible in 2019 is the best way to head off a tax-time surprise next year.

The Tax Cuts and Jobs Act (TCJA) made changes to the tax law. Among other things, the new law increased the standard deduction, eliminated personal exemptions, increased the child tax credit, limited or discontinued certain deductions and changed the tax rates and brackets. As a result, many taxpayers ended up receiving refunds that were larger or smaller than expected, while others unexpectedly owed additional tax when they filed their 2018 tax returns.

Two-income families and people with multiple jobs may be more vulnerable to being under-withheld or over-withheld following these major law changes. For 2019, a Paycheck Checkup is especially important for taxpayers who adjusted their withholding in 2018, specifcally in the middle or later parts of the year. Doing a Paycheck Checkup can help determine the correct amount of tax for each of their employers to withhold.

The IRS urges everyone to do a Paycheck Checkup as early in the year as possible so that if an adjustment is needed, there is more time for withholding to happen evenly during the rest of the year. Waiting means there are fewer pay periods to withhold the necessary federal tax.

The easiest way to do a Paycheck Checkup is to use the Withholding Calculator on IRS.gov. The Withholding Calculator can help taxpayers estimate their income, credits, adjustments and deductions more accurately and check if they have the right amount of tax withheld for their financial situation. When using the calculator, it’s helpful to have a completed 2018 tax return and a recent pay stub available.

Based on the Withholding Calculator’s recommendations, the taxpayer can then fill out and submit a new Form W-4 to their employer. In many instances, this means claiming fewer withholding allowances or having an extra flat-dollar amount withheld from their pay.

Self-employment
Some workers are considered self-employed and are responsible for paying taxes directly to the IRS. Often, this includes people involved in the sharing economy. One way to pay taxes directly to the IRS is by making estimated tax payments during the year.

TCJA changed the way tax is calculated for most taxpayers, including those with substantial income not subject to withholding. As a result, many taxpayers may need to raise or lower the amount of tax they pay each quarter through the estimated tax system.

The revised estimated tax package, Form 1040-ES, on IRS.gov is designed to help taxpayers figure these payments correctly. The package includes a quick rundown of key tax changes, income tax rate schedules for 2019 and a useful worksheet for figuring the right amount to pay.

Other situations
Anyone who had a life change, such as getting married or divorced, buying a home or having a baby should also consider a Paycheck Checkup.

Pay electroniclly anytime
Taxpayers can pay their 2019 estimated tax payments electronically anytime before the final due date for the tax year. Most taxpayers make estimated tax payments in equal amounts by the four established due dates. The three remaining due dates for tax year 2019 estimated taxes are June 17, Sept. 16, and the final payment is due Jan. 15, 2020. Direct Pay and EFTPS are both free payments options, and taxpayers can schedule their payments in advance as well as receive email notifications about the payment. Visit IRS.gov/payments to schedule electronic payments online, by phone or the IRS2go mobile app.

BUREAU OF CANNABIS CONTROL;§ 5722. Foreign Material Testing

(a) The laboratory shall analyze a sample of cannabis or cannabis product to determine whether foreign material is present. (b) The laboratory shall report the result of the foreign material test by indicating “pass” or “fail” on the COA. (c) The laboratory shall perform foreign material testing on the total representative sample prior to sample homogenization. (d) When the laboratory performs foreign material testing, at minimum, the laboratory shall do all of the following: (1) Examine both the exterior and interior of the cannabis sample, and (2) Examine the exterior of the cannabis product sample. (e) A sample shall be deemed to have passed the foreign material testing if the presence of foreign material does not exceed: (1) 1/4 of the total sample area covered by sand, soil, cinders, or dirt; (2) 1/4 of the total sample area covered by mold; (3) 1 insect fragment, 1 rodent hair, or 1 count mammalian excreta per 3.0 grams; or (4) 1/4 of the total sample area covered by an imbedded foreign material. (f) If a sample fails foreign material testing, the batch from which the sample was collected fails foreign material testing and shall not be released for retail sale. Authority: Section 26013, Business and Professions Code. Reference: Sections 26100, 26104 and 26110, Business and Professions Code.

If your identity is stolen…..

Alert the authorities and all financial institutions immediately and review your credit report .

Identity theft is on the rise, ignoring identity it can effect your financial health.

Credit Score monitoring can help STOP identity theft.

Identity Theft Can Harm Your Finances

Using your personal data, an identity thief could open new credit accounts or apply for unsecured loans. Identity theft could also damage your credit report—jeopardizing your future applications for credit cards, loans, or even jobs.

7 Steps to Fight Back Against Identity Theft

Place a Fraud Alert on Your Credit Report

Review Your Credit Report

Report Identity Theft to the FTC

Assess the Damage and Report the Fraud

Contact Your Creditors and Financial Institutions

Report the Fraud to the Appropriate State and Federal Agencies

Change Your Passwords

BUREAU OF CANNABIS CONTROL;§ 5721. Mycotoxin Testing

(a) The laboratory shall analyze a sample of cannabis or cannabis product to determine whether mycotoxins are present. (b) The laboratory shall report the result of the mycotoxins testing in unit micrograms per kilograms (µg/kg) on the COA and indicate “pass” or “fail” on the COA. (c) A sample shall be deemed to have passed mycotoxin testing if both the following conditions are met: (1) Total of aflatoxin B1, B2, G1, and G2 does not exceed 20 µg/kg of substance, and (2) Ochratoxin A does not exceed 20 µg/kg of substance. (d) If a sample fails mycotoxin testing, the batch from which the sample was collected fails mycotoxin testing and shall not be released for retail sale. Authority: Section 26013, Business and Professions Code. Reference: Sections 26100, 26104 and 26110, Business and Professions Code

CA Senate votes to allow banks, credit unions to accept marijuana retailer deposits

The California Senate voted almost unanimously to pass a bill that would allow banks and credit unions to accept cash deposits from cannabis retailers.

The 35-1 vote would allow banks to issue special checks to the retailers that could be used for certain purposes, including paying taxes or California-based vendors.

State lawmakers also say such banking activity would make it easier for licensed cannabis retailers to pay taxes, which fell far short of expectations in the first year after state legalization.

“This is as close as we can get until the federal government changes its policy,” said Sen. Bob Hertzberg, a Democrat from Van Nuys who wrote the bill.

Thanks to Marijuana Business Daily for Content Share

It’s not too late to check IRS payment options

It’s not too late to check IRS payment options

IRS offers taxpayers convenient, secure ways to pay their taxes throughout the year. Taxpayers can pay:

Online
By phone
With their mobile device using the IRS2Go app

Additionally, some taxpayers must make quarterly estimated tax payments throughout the year. These taxpayers may include sole proprietors, partners, and S-corporation shareholders who expect to owe $1,000 or more when they file. Individuals who participate in the sharing economy might also have to make estimated payments.

There are several options for taxpayers who need to pay their taxes. They can:

Pay using their bank account when they e-file their return. Taxpayers can do this for free using electronic funds withdrawal.
Use IRS Direct Pay to pay their taxes, including estimated taxes. Direct Pay allows taxpayers to pay electronically directly from their checking or savings account for free. Taxpayers can also choose to receive email notifications about their payments. Taxpayers should remember to watch out for email scams. IRS Direct Pay sends emails only to users who requested the service.
Pay by credit or debit card through a card processor. There is a fee to pay this way. Taxpayers can make these payments online, by phone, or using their mobile device with the IRS2Go app.
Make a cash payment at a participating 7-Eleven store. Taxpayers can do this at more than 7,000 store locations nationwide. To pay with cash, taxpayers can visit IRS.gov/paywithcash and follow the instructions.
Spread out their payments over time by applying for an online payment agreement. Once the IRS accepts an agreement, the taxpayers can make their payment in monthly installments.