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Monthly Archives:June 2018

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    How Cannabis Businesses Can Be Taxing: IRC 280E

    Although a marijuana business is illegal under federal law, it remains obligated to pay federal income tax on its taxable income because the law does not differentiate between income derived from legal sources and income derived from illegal sources. Everyone in the space knows at least a little about the unfair burden that cannabis ….

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    A Tax Court Case Emphasizes the Importance of Cannabis Record Keeping

    We talked about IRC 280E in our last blog which severely limits the cannabis touching entity’s ability to take deductions on their tax return. IRC §280E disallows deductions and credits to any business trafficking a controlled substance with the only exception of being able to deduct cost of goods sold (COGS). Last month there was […]

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    Watch out for our next blog, coming soon!

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    Watch out for our next blog, coming soon!

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    Watch out for our next blog, coming soon!

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Lefstein-Suchoff CPA & Associates, LLC
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The Canna CPAs (Lefstein-Suchoff CPA & Associates, LLC) disclaims any and all liability and responsibility for any and all errors or omissions for the content or information on this site. The information contained in this website is meant only for guidance purposes and not as professional legal or tax advice. We disclaim any and all liability and responsibility for any and all errors or omissions for the content contained on this site. Feel free to request a professional and personal consultation.