CLIENT SPOTLIGHT: Grillo's Pickles

If you haven't been to the Grillo's Pickles website, you should. There, you'll find the fantastic story of how this company began. We've copied part of it here to save you a click.

Grillo's Pickles began with a pickle cart, just a small wooden stand in downtown Boston, where Travis Grillo and his friends would sell two spears for one dollar. Travis would make the pickles by night using his family's 100-year old recipe - one he'd memorized from making pickles every summer as a kid. In the morning, Travis would bike to the Boston Common and set up the cart with his buddies. They'd hang out all day, urging people to try the simple Grillo family pickle. It was a small business but Travis worked hard for it. He made more pickles, biked more miles, and slept less hours than he ever had before.
Read More..

CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
Read More..

CLIENT SPOTLIGHT: Luca + Danni

Fred and Danny Magnanimi grew up watching their father create beautiful, handcrafted jewelry in the family's Cranston, RI jewelry manufacturing business. When the boys grew up, Fred moved to New York and began working on Wall Street as an investment banker, while younger brother Danny, still enamored by the family business, stayed home. Increased competition from overseas businesses created significant challenges for the business, but Danny was confident he could find a way for the family business to evolve and thrive. This was his mission, this was his passion.
Read More..

PROFESSIONALS

    Services

      Others

        No results found. Please try using a different keyword.
        See all
        Cannabis Advisory Practicecannabis blog

        Internal Revenue Service Clarifies Tax Rule for Marijuana Industry

        The Internal Revenue Service (IRS) issued guidance on Thursday, September 10, 2020, to marijuana businesses. The new guidance does not change existing IRS rules, but briefly explains the rules for reporting income, paying taxes with cash, and keeping financial records.

        The new guidance, which also links to a “Marijuana Industry Frequently Asked Questions” document, confirms that income from any source is taxable, even if that source is illegal. The IRS also points out that federal courts have upheld IRS determinations that state-compliant marijuana dispensaries have taxable income. The IRS also clarifies that marijuana businesses that meet eligibility requirements can qualify for payment plans and could be subject to interest and penalties for non-payment or underpayment, the same as any other business.

        In clarifying its position on deductions for marijuana businesses, the IRS also provides a small amount of relief. Section 280E of the Internal Revenue Code disallows all deductions and credits for a business that sells or traffics in marijuana. This applies to businesses even in states that have legalized the sale of marijuana, because the sale of marijuana remains illegal under federal law. The guidance document points out, however, that Section 280E does not prohibit a marijuana business from reducing its gross receipts by its “properly calculated” cost of goods sold, as calculated pursuant to Section 471 of the Internal Revenue Code, to determine its gross income. As a result, a marijuana business can reduce its gross income by its costs of goods sold, but cannot deduct advertising or selling expenses.

        The IRS also highlighted instructions for paying taxes in cash, for businesses that are unable to establish bank accounts, including via a prepaid credit card, money order or cashier’s check, payment at a retail partner for amounts less than $1000, or by making an in-person payment at a secure IRS location.

        Partridge Snow & Hahn’s Cannabis Advisory Practice Blog provides updates on marijuana law and policy, covering some of the risks and opportunities in the industry, and makes recommendations regarding best practices. If you are interested in receiving these updates via email, please email us at marketing@psh.com.




        ×

        For current information and resources visit our COVID-19 Advisory Group page