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What does New Jersey’s marijuana vote mean to me?
Seven out of ten New Jersey voters this month affirmed that we must decriminalize marijuana. The state’s Attorney General quickly announced that all marijuana prosecutions are paused while we wait for cannabis industry legislation. Now the state government is scrambling to find ways to generate massive amounts of tax revenue from the drug. Much regulation…
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Cannabis programming in New Jersey
The New Jersey Society of CPAs is moving at a rapid pace following passage of the legalization referendum on November 5, 2020. I’ve been a member of the Cannabis Interest Group at @NJCPA since its inception. My @potCPA business practice is narrowly focused but I am pleased to see that they have adopted the following…
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Tax Change Needed to Level the Playing Field for Small Businesses, Minorities and Women in Cannabis Marketplace
This statement was released 11/5/2020 by Ralph Albert Thomas, CPA (DC), CGMA, CEO and Executive Director New Jersey Society of Certified Public Accountants. “On Tuesday, New Jersey voters approved a constitutional amendment to legalize cannabis. That was just step one in allowing cannabis sales to proceed in New Jersey. Steps two and three will be the…
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What you don’t know about taxes…
Have you ever wondered why you hear on TV that some taxpayer’s who do not pay their taxes can settle for “pennies on the dollar” while others less fortunate are prosecuted and go to jail? If you are one of the 1 in 15 persons in this country with serious tax delinquencies, it is critical…
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All accountants are not created equal
It’s all important, of course, and I’m grateful for these online communities that allow us to collaborate daily.
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Sara’s advice for entrepreneurs
My business relationship with Sara Rosenberg, the Connector-in-Chief, is one of my greatest blessings. This excerpt is taken from one of her recent social media post as a sample of why I say this: “When you’re first starting out, and money is tight (or let’s be real, non-existent), you can do the following things for…
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Caution with CBD products
(hold for CBD banner advertisement photo) I talked with two local small business owners this weekend who recently started marketing CBD products in their shops. One is a local health food drink maker and the other primarily markets beauty products. Both were completely unaware of the risks they take in selling CBD products. They are…
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The role of the CFO in the marijuana business
The role of the small business Chief Financial Officer (CFO) is typically described in four distinct functions. I describe my own CFO role as filling five functions in the emerging marijuana industry. #1 Recordkeeping The CFO has primary responsibility to assemble, safeguard, manage and store the financial records of the company. This basic but necessary…
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Federal cannabis banking law introduced
This coming week the U.S. House of Representatives will introduce H.R. 1595, the SAFE Banking Act of 2019 that is intended to legalize cannabis banking. The bill has already cleared the Financial Services Committee and is expected to be voted on through a process known as ‘suspension of the rules’ that requires two-thirds of the…