After graduation from New York Law School, Mr. Foy began his carrier gained as a mortgage licensing officer with mortgage bank ICG, preforming State and Branch Licensing services among other responsibilities. After the 2008 Foreclosure Crisis, Mr. Foy formed Grausso & Foy, LLP a Supreme & Appellate Court litigation firm which quickly grew to be one of the most active foreclosure defense firms in New York and has been featured on the New York Law Journal and co-owns the Real-Estate Brokerage, Inspired by Realty, LLC.
Rhonda Klch, a seasoned entrepreneur and business owner, opened her first corporation at 18 and has been active in the real estate investing space since. Rhonda has been the recipient of several business awards, including Power Women, LIBN Diversity in Business, LIBN Business and Finance, World Wide inclusion of Business Executives, Executive Circle Award, CHI Hero Award, LICBW Achiever Award, Top Female Executive, and most notably will be part of the MONEY.2 conference of 2022 in Las Vegas as a keynote speaker and recipient of the Outstanding Leadership Award.
As the founder of the financial consulting firm Equity First, LLC, Rhonda’s firm works directly with business owners or their executives to create strong financial plans, analyzing spending, forecasting, credit issues and more. Through her endeavors, Rhonda has helped thousands of clients nationwide.
As a give back to the community, Rhonda formed the Equity First Foundation – a not for profit that provides financial literacy education to people of all stages, ages and abilities. Most recently, as a pathway to keep people informed about business and business challenges during COVID- Rhonda began hosting The Credit Authority a weekly radio show that can be heard on LI News Radio.
Despite New York’s legalization of Cannabis for Adult-Use, Cannabis possession and sale is still illegal Federally pursuant to the Controlled Substances Act of 1970. This division between State and Federal law is incredibly important for any cannabis related business specifically when it comes to paying Federal Income Tax.
The Federal government regards any business engaged in the production, distribution and/or sale of Cannabis to be unlawful and therefore does not permit any Cannabis related business from claiming any deductions on their Federal tax returns other than the cost of goods sold (“COGS”).
Because Cannabis Businesses cannot deduct any of their business expenses other than COGS, Federal Tax Liability will be significantly higher than any other business and if your corporate structure is not carefully designed to maximize COGS and minimize unnecessary non-deductible business expenses, your Federal Tax Liability could prove crippling.
The Attorneys are here to guide you through compliance hurdles and the liability pit falls of this emerging industry and to help you build and grow in the years ahead.