We regularly field inquiries from international companies and existing international clients regarding U.S. cannabis business operations. This post and the two that follow will answer questions for foreign cannabis companies regarding when they need to pay U.S. federal and state income taxes, when they need to register a U.S. business entity, and what options are available to them to establish U.S.-based banking operations.
First, you need to recognize that your law firm will stay within its core area of expertise and focus on the legal requirements of your business rather than the execution of your tax obligations. You will want to engage a U.S.-based accounting firm to help with ensuring your tax filings are completed on time and accurately. This may mean you need to hire a CPA firm with international tax expertise and a local CPA firm where you do business in the U.S. Or you may want to hire one international CPA firm to deal with both your international and domestic tax obligations.
Many of our international cannabis clients have been very successful in their home countries and have started to engage in some U.S. sales. These sales may be accomplished directly from abroad to consumers, from abroad