News & Updates
AFS – First Notices Have Gone Out
The Cannabis Regulatory Agency (CRA) sent out first notices to licensees with Annual Financial Statements (AFS) due June 30, 2023. These notices detail the requirements to submit an AFS, the reporting period, the due date, and which licenses must be included in the...
It’s Time – Notice of Consolidated AFS Reporting Cycles Released
It’s time to start preparing for the next cycle of annual financial statement (AFS) reports. The AFS report is a deep dive into your business that culminates in an agreed-upon procedures report that provides the Cannabis Regulatory Agency (CRA) with information to...
September 15th is Coming Quick!
If you filed for an extension of time to file for an S corporation or partnership tax return, the extended deadline is fast approaching. If your records are tax-ready, a return can be filed electronically at any time before the deadline to avoid a last-minute rush to...
Sales Tax Exemptions for Cultivators of Marijuana
With the issuance of Revenue Administrative Bulletin (RAB) 2020-17 (replacing RAB 2019-17), the Michigan Department of Treasury confirmed that state-licensed marijuana businesses may avail themselves of several sales use and tax exemptions that are generally available...
Medical Marihuana Licenses for Fiscal Year 2023
On Monday, the Michigan Cannabis Regulatory Agency released an advisory bulletin announcing licensing fees for Fiscal Year 2023. This has resulted in a significant reduction to the regulatory assessments beginning on October 1, 2022 and running through September 30,...
Pain at the Pump Fuels IRS Mileage Rate Increase
On Thursday, June 9th, the IRS announced an increase in the optional standard mileage rate for the last 6 months of 2022. This is in recognition of the pain Americans are feeling at the pump due to recent gasoline price increases. Generally, taxpayers have the option...
Grapp Lerash Team Provides First-of-its Kind Thought Leadership
As the cannabis industry continues to grow both in Michigan and Nationwide, the Grapp Lerash team brings forward-thinking perspectives, coupled with industry expertise and insights to help your budding business continue to bloom. Our team provides a wide range...
Why the Owl Logo?
Traditionally, owls are thought of as wise, reserved, and calculated. While perched atop the uppermost branch of their forest habitat, they are able to see far and wide all of the forest activity below. The northern hawk owl is non-migratory, representing its strong...
Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) Legislation Summary
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act,” the “Act”) was signed into law by President Trump. This is the 3rd piece of legislation designed to combat the economic impact of COVID-19 on businesses and...
COVID-19 Action Plan
Clients, colleagues, friends and family, Amid the outbreak of COVID-19 and the general uncertainties that we all face, we felt it best to lean on our core principles to do what is right, not only for our clients, colleagues, friends and family, but for our country and...