Tax Memo Research

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I attached the words documents below for all the information

Tax Memo examples:

Email from “tax manager” (me) to “tax staff” (student) – forwarded question from “client”:

Hello tax staff,

See below for an email from our client, related to their new business venture. Can you please research this question and prepare a draft email response, along with a supporting internal memo for our records. I need your response by Monday, 2/22, at 5pm so that I can review your findings and respond to Mary ASAP.

Thanks and let me know if you have any questions,


From: Erdmano, Mary

Sent: Monday, February 15, 2021 9:34 AM

To: Marino,Amanda <>

Subject: Question Regarding New Business Investment

Hi Amanda,

As you know, last year my husband Tim and I generated significant profits from our investment in two offshore private equity funds. This year we have been searching for a new business venture, and last month we became the owners of Keystone Cannabis Remedies, a medical marijuana dispensary in Allentown, PA. Keystone Cannabis employs a team of highly-trained medical professionals and product specialists who are passionate about improving their patient’s quality of life. They have personal relationships with their growers, ensuring the highest quality and safest local product. Business has been booming and as we close out the tax year we have made significant profits, and also incurred some pretty sizable expenses. The biggest expense obviously comes from our cost of goods sold, the purchase of the cannabis. Some other expenses include employee wages, the wages of the front counter staff and the wages of the medical professionals. Before issuing a cannabis prescription, all patients meet with one of their medically trained staff, who provide nutritional, physical, and emotional support and guidance. In the main room of Keystone Cannabis they sell an assortment of all-natural smoothies and juices, snacks, books, T-shirts, and other small branded items. Expenses for these inventory items are tracked and sold separately. Finally there are utilities and costs to operate the building (e.g. repairs and maintenance). I was preparing my income and expense records related to Keystone Cannabis, to send to you for tax reporting purposes, and heard something that brings me some concern. My colleague, an owner of another dispensary in upstate New York, recently told me that our business expenses will not be deductible on our federal tax return due to the fact that marijuana is still considered a controlled substance for federal purposes (although it has been fully legalized here in Pennsylvania for medical purposes). Could you please let me know the tax rules surrounding our new business venture? Can we deduct these expenses? If so, which ones?

I look forward to hearing from you soon. Thank you in advance for your knowledge and assistance,

Mary Erdmano

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