Cannabis Laws are Complex. That’s why we’re here to help you navigate!
Starting any new business on the right foot requires some tax planning. Especially when it comes to the new landscape of cannabis business. We offer comprehensive tax planning, proper accounting maintenance and best practices to help you avoid Section 280E struggles. Most companies just handle bookkeeping but outsource tax preparation, tax plans and audits. We do everything – locally and in-house.
Comprehensive Tax Planning
- Recommendations on best entity structures to minimize tax burden related to 280E
- Guidance on the layout of facilities to minimize tax exposure
- Best practices for business expenses through entities to maximize 280E deductions
Accounting Process Structuring
- Accounting software setup, including the chart of accounts to properly reflect Cost of Goods Sold (COGS) per taxing agency requirements and US GAAP
- Record keeping best practices and requirements
- Defining different business activities for tax purposes and allocation activities appropriately per<280E
- Integration of Accounting software with Point of Sale (POS) system and Cannabis Tracking System (CTS)
- Customization of internal accounting processes
- Collaboration with client to prepare necessary documentation required by applicable taxing agencies
Ongoing Maintenance Program
- Consistent review of software integration with POS and CTS and accounting software
- Monthly bookkeeping to meet US GAAP cost accounting requirements to maximize deductions under 280E
- Income tax preparation of your cannabis business returns and personal returns
- Payroll processing
- Payroll tax return preparation
- Sales and excise tax return preparation
- 1099 preparation
- Estimated tax calculations
- Franchise tax return preparation
The IRS has already stated that all Cannabis related businesses WILL be audited. We’ll get you prepared and can represent you if needed.