Cannabis tax laws can be challenging … Let us help you overcome the regulatory hurdles in your path.
The evolving cannabis industry offers exceptional opportunities for growth; however, cannabis businesses also face complex and challenging issues ranging from compliance with changing state and federal regulations to adherence with IRC Section 280E. In this highly regulated industry, we know that confusing accounting and tax laws can make running your business difficult.
Whether you’re a new startup business that needs a little guidance getting up and running, or a larger established cannabis grower, dispensary, or retailer, our team of can help design tax and accounting services that fit your specific business needs.
Our trusted services are specifically designed to help your cannabis business achieve its unique objectives in the following areas:
1. Cannabis Tax Preparation Service & Planning
We will plan and prepare federal, state, and local income tax returns for your business, with the most current cannabis taxation laws in mind. We help you properly allocate costs so that your business can optimize deductions and reduce taxes owed. Our expert tax services include:
- Expert recommendations for determining proper entity structures and in accessing sources of equity capital including private equity funds and family offices
- If your growth plan calls for acquiring or divesting a business, our services identify financial and tax risks
- Best practices for business expenses to maximize deductions and lower your taxes
- Navigate federal, state, and local compliance challenges, strategize and plan for IRC Section 280E, and take full advantage of relevant tax incentives and credits, including those provided by IRC Section 199, and the IC-DISC export tax incentive
- Guidance on the layout of facilities to reduce tax exposure
2. Accounting and Tax Maintenance Programs
We strive to get to know our clients and foster a long-standing relationship. For this reason, we offer our cannabis clients continuing accounting and tax programs to help your business thrive and provide you with the support and peace of mind you deserve. We provide you with the following maintenance services:
- Consistent assessment of accounting software integration with POS and CTS systems.
- Monthly GAAP Cost Accounting to allocate and maximize deductions.
- Income tax preparation on cannabis business and personal returns.
- Payroll tax return preparation and processing.
- Sales and excise tax preparation.
- 1099 preparation.
- Estimated tax calculations.
- Franchise tax return preparation.