The BOE has been in the business of auditing, investigating, and accommodating cash businesses for decades. There are a number of challenges, but in many ways it really is not that complicated. Cash businesses have no excuse for not maintaining books and records, and reporting their taxes just as non-cash-based business owners do.
“Ever since gangster Al Capone was brought down in 1931, not for organizing the Saint Valentine’s Day Massacre of his gang’s rivals but for tax evasion, criminals have been pretty creative in complying with state and federal tax laws, avoiding tax fraud charges, and protecting their due process and appeals rights under the law,” said Chairman Horton.
The BOE will help medical cannabis business operators pay their tax liability by eliminating the need to bring in large amounts of cash, assisting them in registering their business under their DBA (Doing Business As), and accepting personal checks as payment for their tax liability. Medical cannabis sellers, and other permit holders, can contact their nearest field office to make arrangements.
Chairman Horton will host two events in Los Angeles to facilitate compliance in the medical cannabis industry: a Medical Cannabis Telephone Town Hall on August 18, 2015, from 3 p.m. to 4 p.m., and a Medical Cannabis Business Seminar on September 9, 2015, from 1 p.m. to 3 p.m. Both events will be open to the public. The Telephone Town Hall will provide a brief overview of state and federal requirements and links to government agencies frequently asked questions. The Medical Cannabis Business Seminar will explain how to complete the registration with various government agencies. In addition, an online medical cannabis compliance tutorial series will be available on Chairman Horton’s website by September 26, 2015. To obtain more information on the Telephone Town Hall meeting or the live presentation, or to register, go to Chairman Horton’s Web page or call 1-888-847-9652.
