Cannabis Acctg. – Tax Task Issues
This is the page where we intend to highlight Cannabis Acctg. – Tax Task Issues as we identify them. We do not intend to talk theory here, rather it is the place where we intend to address the questions that no one wants to touch in public. A great first example is the calculation of sales, excise, and local gross receipts taxes at retail, such as in a Dispensary. We addressed that in Calculations – California Cannabis Taxes – Retail.
This weekend we have been focused on issues for setting up retail locations as:
- Store-front Dispensaries
- Delivery Only Dispensaries
Several of the issues we received client questions on included:
- Reporting Requirements for Inventory Shortages and Discrepancies
- Explaining the Trace and Trace Requirements
- Outlining the Theft and Criminal Reporting Requirements
- How do we calculate Cost of Goods Sold?