Video 26 – Cannabis Business Accounting
Video 26 – Cannabis Business Accounting
Today I would like to talk to you about cannabis related businesses. There are many challenges that the cannabis industry is facing right now and a good CPA can help you manage that. We could do a whole series of videos about the cannabis industry and about the implications of being in that line of business, as well as, the tax ramifications per the current tax code. But for now in this video, we are going to do an overview of some of the key points about why you should hire a competent CPA to help you with this industry.
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How do you justify the use of 263A when the IRS Chief Counsel Advice memorandum 201504011 takes the position that a taxpayer who traffics in a Schedule I or Schedule II controlled substance must determine COGS using the applicable inventory – costing regs under 471 and that the IRS does not allow 263A?