IRC 280E – Impact on Cannabis Business Taxes [Cannabis Accounting]

We will break down the difference between ordinary businesses and cannabis-based businesses and how 280E impacts their cannabis accounting and final tax payments every year.

IRC 280E puts cannabis businesses at a serious disadvantage compared to other businesses because cannabis is still a schedule 1 substance.

This means cannabis operators cannot take regular deductions such as marketing expenses or payroll expenses.

If you do not structure your business entities properly, then you’re overpaying your taxes.

If you need help with preparing your cannabis business taxes or cannabis compliance, then please reach out to us at:
https://GreenGrowthCPAs.com/get-started or give us a call at: 800-674-9050

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Posted in Business

2 Comments

  1. Fenkell Mel on October 23, 2020 at 8:59 pm

    Would inventory area be considered grow room?



  2. Jezaniah Castro on October 23, 2020 at 9:08 pm

    Can we set up start up cost subject to amortization in the federal level by electing section 195?