Cannabis industry update January 2018 Tax News
California legalized commercial cannabis activity this month for licensed cannabis businesses
Have you visited our cannabis webpage lately? It was recently updated with a new look and is now more user-friendly. It includes great information helpful for cannabis businesses.
Information includes filing requirements for the various business structures including C-corporations and sole proprietorships. We also included links to forms and publications and other state agency webpages where you can find additional information.
Can't find an answer to your question? Email the FTB Cannabis Business Team. Our subject matter experts are available and ready to answer your questions. We incorporated common questions and answers into the information on the webpage, and we will continue to update this page with additional information as it becomes available.
Interested Parties Meetings
We held our first interested parties meeting (IPM) on December 5, 2017, to discuss developments related to the income tax administration for this industry. Participants included cannabis industry members, tax, and legal professionals. We, along with staff from the California Department of Tax and Fee Administration, the Employment Development Department, the Governor's Office of Business and Economic Development, and the Secretary of State, answered the participants’ questions.
We are holding a second IPM on January 29 at the California Science Center in Los Angeles for those who were not able to participate in the December meeting. These meetings are geared primarily towards taxpayers who may be new to business income taxes. We are interested in understanding the challenges faced by the cannabis industry and look forward to your participation, questions, concerns, and ideas.
Discussion topics include:
- The role of FTB
- Filing income tax returns
- Recordkeeping practices
- Helpful tools
- Cannabis business practices
For more information on the upcoming meeting, including how to participate, go to our IPM page.