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Blog

September 14 2020

IRS Guidance on Cannabis Businesses

The IRS has clarified guidance for the cannabis industry.

  • 280E applies to all cannabis businesses no matter if the business is legal or illicit
  • Form 8300 must be filed with every transaction that is $10,000+
  • Cannabis businesses should calculate CoGS based on Internal Revenue Code 471
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Filed Under: Taxes, Finance

September 08 2020

Cannabis CPA vs Local General CPA

As tax extensions are coming due, we wanted to share some ‘insider’ thoughts about choosing a CPA to prepare your cannabis business tax returns.Over the past 45 days, our team has been increasingly getting on calls with cannabis operators that chose to go with a local, generalist CPA firm...

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Filed Under: Compliance, Taxes, Accounting

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