Franchise Tax Board (FTB) will hold an Interested Parties Meeting on January 29 in Los Angeles: “Cannabis Business Income Taxes & You.” FTB is interested in understanding the challenges faced by the cannabis industry and welcomes your participation. Attendees are encouraged to arrive early since seating is limited.
FTB held their 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.
FTB is 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, please visit FTB’s IPM page.