IRS Cannabis Audits Archives - Page 2 of 2 - Cannabis CPA, CFO, Bookkeeping & Accounting Firm

26 Jun 23

How Cannabis Companies Can Avoid an IRS Audit

Avoiding an IRS Audit As a cannabis business owner, the last thing you want is to be hit with an IRS tax audit. Audits can be time-consuming, costly, and stressful, and they can also damage your business’s reputation. Fortunately, by working with an experienced and expert cannabis CPA firm, you…

31 Jan 23

What is the “Lord” Case and What Was Its Impact in the Cannabis Industry?

Lord v Commissioner, March 4, 2022, is a landmark tax court case whose ruling in the cannabis industry has been consistently upheld in similar cases and has had major implications for taxes for many years. The case involved a taxpayer, Richard Lord, an S-Corporation shareholder in a Colorado grow, who…

11 Jan 23

What Are the Benefits of Having a CFO for My Cannabis Business?

If you own or operate a cannabis business, having an experienced Chief Financial Officer (CFO) on board can provide numerous benefits. A CFO is responsible for financial planning, budgeting, reporting, and analysis of your business’s financial performance. By understanding the complex regulatory landscape surrounding the cannabis industry, they are able…

28 Jun 18

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…

IRS Cannabis Audits

How Cannabis Companies Can Avoid an IRS Audit

What is the “Lord” Case and What Was Its Impact in the Cannabis Industry?

What Are the Benefits of Having a CFO for My Cannabis Business?

A Tax Court Case Emphasizes the Importance of Cannabis Record Keeping

Year-End Tax Planning Checklist for Cannabis Operators

Cannabis Events & Temporary License Accounting

Succession & Estate Planning for Family-Owned Cannabis Businesses

Details

Newsletter