As if navigating the waters of cannabis legislation wasn ’ t agonizing enough , trying to file your cannabis related taxes can take a lot of the fun ( and profits ) out of being in the industry . The complex laws that allow for the cultivation , sale , and ancillary services surrounding this beloved green plant are confusingly grey . For example , almost everyone running a business in the cannabis industry is familiar with the wildly unpopular 280E – a bill that prevents the deduction of expenses from income generated by the sale of cannabis . The only thing you can write off are things related to the Cost of Goods Sold ( COGS ). Thus , marijuana businesses are required to determine what expenses are included in COGS and , therefore , what expenses are deductible . What counts as a COGS ? What doesn ’ t ? It ’ s hard to say …
To date , very little guidance has been made available to help taxpayers make this determination . As a consequence , many individuals and businesses either end up too afraid to file their taxes and filings or rely on accountants or attorneys that aren ’ t familiar with compliance in the cannabis industry . This can , often times , end in major legal exposure and lost revenue . Filing cannabis related taxes appropriately can actually save companies money in the short and long term if they are properly advised .
While they wish the government would revisit 280e , they remain determined to help owners of companies retain the highest profits based on these current IRS regulations .
Any and all companies in the cannabis industry setting themselves up to win long-term can only do so through proper compliance in their tax business strategy from day one . The team of CPAs and attorneys at Tax Defense Partners work with cannabis companies and individuals to minimize their tax obligations , resolve tax issues , and protect their bank accounts and income from IRS and state levies and liens .
Tax Defense Partners offers a free consultation . Make an appointment today with the information below .
Tax Defense Partners , a 50-employee company with roots in California , has a wealth of tax and compliance experience related to all things cannabis . They are rapidly positioning themselves as a leader for this dynamic and emerging industry . With an aspiration to educate , support , and grow cannabis businesses , Tax Defense Partners are already helping retailers , growers , delivery services and other ancillary companies reach their full potential .
Tax Defense Partners Make Cannabis Tax
Compliance A Breeze by Nicco Reggente
As if navigating the waters of cannabis legislation wasn ’ t agonizing enough , trying to file your cannabis related taxes can take a lot of the fun ( and profits ) out of being in the industry . The complex laws that allow for the cultivation , sale , and ancillary services surrounding this beloved green plant are confusingly grey . For example , almost everyone running a business in the cannabis industry is familiar with the wildly unpopular 280E – a bill that prevents the deduction of expenses from income generated by the sale of cannabis . The only thing you can write off are things related to the Cost of Goods Sold ( COGS ). Thus , marijuana businesses are required to determine what expenses are included in COGS and , therefore , what expenses are deductible . What counts as a COGS ? What doesn ’ t ? It ’ s hard to say …
To date , very little guidance has been made available to help taxpayers make this determination . As a consequence , many individuals and businesses either end up too afraid to file their taxes and filings or rely on accountants or attorneys that aren ’ t familiar with compliance in the cannabis industry . This can , often times , end in major legal exposure and lost revenue . Filing cannabis related taxes appropriately can actually save companies money in the short and long term if they are properly advised .
While they wish the government would revisit 280e , they remain determined to help owners of companies retain the highest profits based on these current IRS regulations .
Any and all companies in the cannabis industry setting themselves up to win long-term can only do so through proper compliance in their tax business strategy from day one . The team of CPAs and attorneys at Tax Defense Partners work with cannabis companies and individuals to minimize their tax obligations , resolve tax issues , and protect their bank accounts and income from IRS and state levies and liens .
Tax Defense Partners offers a free consultation . Make an appointment today with the information below .
800-830-7777 www . cannabistaxrelief . com
Tax Defense Partners , a 50-employee company with roots in California , has a wealth of tax and compliance experience related to all things cannabis . They are rapidly positioning themselves as a leader for this dynamic and emerging industry . With an aspiration to educate , support , and grow cannabis businesses , Tax Defense Partners are already helping retailers , growers , delivery services and other ancillary companies reach their full potential .
24 WOAHSTORK EXPO EDITION