cannabis tax law Archives - Page 3 of 3 - Cannabis CPA, CFO, Bookkeeping & Accounting Firm

31 Jul 23

Exit Planning for Cannabis Businesses: Securing Your Future Success

For cannabis entrepreneurs seeking to exit their businesses, strategic planning is essential to ensure a smooth transition and maximize value. At The Canna CPAs, we are certified exit strategists specializing in the cannabis industry, and we can help guide you through the process with a comprehensive approach. Our seven-step exit…

accounting for cannabis touching businesses

03 Jul 23

IRC § 280E & Cannabis-Touching Businesses

As the cannabis industry continues to grow and evolve, it’s important for businesses in this sector to understand the unique tax implications they face. One of the most significant tax regulations affecting cannabis businesses is Internal Revenue Code (IRC) 280E. This regulation prohibits businesses from deducting expenses related to the…

29 Jun 23

The Marijuana Industry’s Growth Demands Better 280E Tax Compliance and Guidance

Marijuana, classified as a Schedule I controlled substance under the Controlled Substances Act, faces unique challenges in the business world. One major hurdle is the limited banking access for marijuana businesses. Moreover, these businesses are subject to a specific tax provision, Internal Revenue Code (I.R.C.) Section (§) 280E, which prevents…

19 Jun 23

Why Cannabis CEOs Should Only Work With A Top-Notch Cannabis CPA Firm

Why should you hire a Cannabis CPA? As the cannabis industry continues to grow, so does the need for specialized financial services. One crucial aspect of this is working with a cannabis-focused CPA firm. While any CPA firm can technically work with a cannabis business, there are several reasons why…

08 Jun 23

The Challenges of Accounting for Cannabis Dispensaries

Accounting for Cannabis Dispensaries Cannabis businesses are becoming increasingly popular across the United States as more and more states legalize its use for medical and recreational purposes. However, with the growth of the industry comes unique challenges for accounting professionals, particularly for those working with cannabis dispensaries. From cash control…

20 Aug 19

CAN OTHER RELATED CANNABIS BUSINESSES POTENTIALLY BE SUBJECT TO 280E?

There is an Internal Revenue code Section IRC 482 which allows the IRS to make allocations to ensure that taxpayers clearly reflect income attributable to controlled transactions and to prevent the evasion of taxes. Found in the statutory language of IRC 482 , there are three basic prerequisites before this…

28 Jun 18

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…

cannabis tax law

Exit Planning for Cannabis Businesses: Securing Your Future Success

IRC § 280E & Cannabis-Touching Businesses

The Marijuana Industry’s Growth Demands Better 280E Tax Compliance and Guidance

Why Cannabis CEOs Should Only Work With A Top-Notch Cannabis CPA Firm

The Challenges of Accounting for Cannabis Dispensaries

CAN OTHER RELATED CANNABIS BUSINESSES POTENTIALLY BE SUBJECT TO 280E?

How Cannabis Businesses Can Be Taxing: IRC 280E

Do Cannabis Delivery companies need a 280e accounting firm?

Do hemp beverage companies need a Cannabis CFO?

280-E Accounting for Minnesota Cannabis Companies

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