An educated approach to 280E can save you money, reduce tax complications, and protect you in the event of an audit.
Internal Revenue Code (IRC) 280E is one of the biggest obstacles plant-touching cannabis operators must overcome. A mismanaged 280E approach can raise your tax exposure 50-80% and put you at serious risk of an IRS audit. An educated approach to allocating Cost of Goods Sold (COGS) and entity structure can save you money, reduce tax complications, and protect you in the event of an IRS or state/local audit.
With the steep decline of wholesale flower prices in several mature cannabis markets, already slim profit margins for cannabis cultivators are now razor thin. Compounding
When congressional lawmakers first conceived the obscure federal tax rules known as 280E in the early 1980s, the goal was to strip drug kingpins and
In late April, a U.S. appeals court rejected an attempt to end Section 280E of the IRS tax code by California-based cannabis company Harborside Inc.
In comparison to mainstream industries, cannabis businesses have considerably greater odds of being audited by the IRS. Why the IRS prioritizes auditing the cannabis industry
Continue reading and watch our video below to learn more about IRC 280E and its Impact on Cannabis Business Taxes and Cannabis Accounting. Hey my
In this video and synopsis, we discuss the cost of goods sold (COGs), and how to offset your sales and marketing expenses to reduce the
As a cannabis business owner, the incredible burden of taxes is a harsh reality. And dispensaries are hurt the most by the restrictions of IRC
With all of the red tape in the cannabis industry, it’s important to have a smart an experienced lawyer who can help you navigate the
Yesterday, we hosted our October cannabis industry update covering headlines and trends that cannabis business operators need to know about. If you need help with accounting, auditing,
As a cannabis business owner, the incredible burden of taxes is a harsh reality. And dispensaries are hurt the most by the restrictions of 280E.