Implement cannabis industry accounting best practices for reporting the cost of goods sold and cash transactions.
Accounting and tax requirements are stringent in the cannabis industry. However, uncertainty around the Secure and Fair Enforcement Regulation (SAFER) Banking Act makes some certified public accountants (CPAs) and tax attorneys reluctant to assist cannabis clients. Polston Tax is your dependable source for cannabis tax services and planning at every point in the cannabis supply chain.
We maintain a collaborative network of CPAs, tax attorneys and account managers who develop personalized cannabis tax planning solutions. With our cannabis accounting, tax management and tax resolution support, your business will remain in good standing and retain revenue.
We leverage our experience and flexibility to offer comprehensive tax services that can adapt as standards evolve.
Our bookkeeping management and planning services help cannabis companies retain revenue by insulating against penalties and fees. We understand the specific tax codes and reporting requirements impacting the cannabis industry. As your partner, we will handle financial matters so that you can prioritize business management and growth.
Implement cannabis industry accounting best practices for reporting the cost of goods sold and cash transactions.
Satisfy reporting and tax payment requirements from Complete Internal Revenue Code (IRC)471(c) and other relevant state and federal codes.
Submit necessary tax return forms such as Internal Revenue Service (IRS) Form 8300 for cash payments, standard income reporting forms, payroll and wage forms, medical marijuana tax forms and other necessary documents.
Optimize your approach to federal and state taxes by utilizing incentives available under IRC Section 199 and finding deduction opportunities that adhere to IRC Section 280E.
Federal prohibition and evolving state laws present complications that open cannabis companies up to IRS vulnerability. Polston Tax offers the support you need to prevent and manage claims. Our bold legal team and accounting professionals will develop a secure financial structure and legal strategy for your business. Our tax resolution and cannabis audit services encompass:
At Polston Tax, we have over 100 years of combined legal and accounting experience. Our professionals exhibit a sharp comprehension of the laws and practices intersecting with the cannabis industry. With attorneys and accountants licensed in all 50 states, we are equipped to support businesses balancing complex cannabis tax laws that vary across state lines. You will work directly with our accountants, tax attorneys and account managers to develop personalized strategies for reporting, tax planning and resolution.
We have the experience to adapt our services to various types of cannabis industry businesses, including manufacturers, researchers, distributors and dispensaries. Our professionals have made a real difference for cannabis companies by optimizing tax strategies and securing substantial refunds for overpaid taxes. We will work diligently to achieve a favorable outcome for your business.
Polston Tax is an experienced and confident firm ready to embrace the needs of businesses across the cannabis supply chain. We encourage you to request a free consultation today.
