Nesteggg Accounting

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

Senate Passes Bill for Pot Money

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:

Payment Options
  • 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.

BUREAU OF CANNABIS CONTROL;§ 5720. Microbial Impurities Testing

(a) The laboratory shall analyze a sample of cannabis or cannabis product to determine whether microbial impurities are present. (b) The laboratory shall report the result of the microbial impurities testing by indicating “pass” or “fail” on the COA. (c) A sample of inhalable cannabis or inhalable cannabis product shall be deemed to have passed the microbial impurities testing if all of the following conditions are met: (1) Shiga toxin–producing Escherichia coli is not detected in 1 gram; (2) Salmonella spp. is not detected in 1 gram; and (3) Pathogenic Aspergillus species A. fumigatus, A. flavus, A. niger, and A. terreus are not detected in 1 gram. (d) A sample of other cannabis or cannabis product shall be deemed to have passed the microbial impurities testing if both the following: (1) Shiga toxin–producing Escherichia coli is not detected in 1 gram, and (2) Salmonella spp. is not detected in 1 gram. (e) If a sample fails microbial impurities testing, the batch from which the sample was collected fails microbial impurities 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.

Your QuickBooks Online Pricing Plans are Changing

The following pricing, plus applicable taxes, will take effect for
your existing subscriptions (if any) on your next billing date on or after July 1, 2019.

Simple Start $20/mo $215/yr
Essentials $40/mo $430/yr
Plus $70/mo $755/yr

Any accounts created on or after January 1, 2019 will be adjusted to new pricing beginning September 1, 2019 and you will be notified separately about these changes in advance.

Our records also show that one or more of your accounts were selected for QuickBooks Online Advanced trials1. If you have not chosen to upgrade these by the end of their trials, they will automatically revert to their QuickBooks Online Plus plans and adjust to the list price on or after July 1, 2019.

You can view the billing details for each account by signing into Quickbooks Online, selecting the account you’d like to check, visiting Account and Settings and selecting Billing & Subscription.

QuickBooks helps small businesses find over $3,500 in annual tax savings2 and save over 40 hours per month3 on average. Price increases enable us to constantly reinvest in our ecosystem of products and accelerate innovations based on customer feedback.

You can visit our blog to learn more. Here are some highlights:

  • Track labor costs by project4: Now easily see payroll and time costs in your projects to understand your true profitability
  • Direct Bank Feeds5: Establish bank connections that are more reliable6 to automatically keep your transactions updated
  • Sales Tax Enhancements: See taxable and non-taxable sales by agency with the new sales tax liability report
  • Coming Soon to QuickBooks Mobile7: Capture and automatically match receipts to expenses and much more8

For more information on the price change, visit our FAQ page.

If you have any questions or would like to discuss the option that’s best for you, give us a call at 760-322-4622. We’re happy to help you choose a great package as a Diamond Level Pro Advisor.

BUREAU OF CANNABIS CONTROL;§ 5719. Residual Pesticides Testing

Close-up of four medical marijuana prescription containers. One opened container is in the foreground with cannabis bud falling out.

(a) The laboratory shall analyze at minimum 0.5 grams of the representative sample of cannabis or cannabis product to determine whether residual pesticides are present. (b) The laboratory shall report whether any Category I Residual Pesticides are detected above the limit of detection (LOD) and shall report the result of the Category II Residual Pesticides testing in unit micrograms per gram (µg/g) on the COA. The laboratory shall indicate “pass” or “fail” on the COA. (c) The laboratory shall establish a limit of quantification (LOQ) of 0.10 µg/g or lower for all Category I Residual Pesticides. (d) The sample shall be deemed to have passed the residual pesticides testing if both of the following conditions are met: (1) The presence of any residual pesticide listed in the following tables in Category I are not detected, and (2) The presence of any residual pesticide listed in the following tables in Category II does not exceed the indicated action levels. (e) If a sample fails residual pesticides testing, the batch from which the sample was collected fails pesticides 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.

Text-of-RegulationsDownload

Stay Connected

Nesteggg Facebook

The Nesteggg Group ©2019
All Rights Reserved

Get in Touch

320 N Palm Canyon Dr.
Palm Springs, CA 92262

1-(888) 987-NEST

accounting@nesteggg.com

Web Design & Maintenance by AquaZebra

constant contact