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Cannabusiness

Tax and Accounting

We are a boutique CPA firm that specializes in the cannabis industry. Our firm has been working with some of the biggest names in the cannabis industry since 2014. We have extensive knowledge of 280E and how it applies to each type of cannabis business including retailers, manufacturers, cultivators, and distributors. Our firm can help you navigate the complexities of the state and federal tax laws, rules, and regulations. In addition to 280E we have in depth knowledge on IRC Section 471(c) and how it applies to your retail business. Our goal is to keep your business compliant while maximizing the deduction you are allowed to claim. Let us handle the accounting so you can focus on growing your business.

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Cannabis

Understanding the IRS 280E Tax Code

280E is a part of the Internal Revenue code that specifically affects cannabis businesses. Generally speaking, it disallows tax deductions for normal business expenses, such as advertising, office expenses, rent, utilities, and payroll expenses. The tax consequences of disallowing deductions can be substantial.

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