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The Lions Share in profits for your Cannabis Business due to the Best Bookkeeping in Existence

Lions Share Bookkeeping - The Best Cannabis Bookkeeping in Existence

Cannabis Bookkeeping & the Dilemma with 280E

The tax code clearly and unequivocally states... No deduction or credit shall be allowed for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business (or the activities which comprise such trade or business) consists of trafficking in controlled substances (within the meaning of schedule I and II of the Controlled Substances Act) which is prohibited by Federal law or the law of any State in which such trade or business is conducted. U.S. Code Title 26. Internal Revenue Code § 280E - Expenditures in connection with the illegal sale of drugs

So What Does This Mean for Cannabis Businesses?

Cannabis businesses aren’t able to take deductions like most businesses can, which means that they are not legally able to take advantage of tax benefits for incurring expenses like... Payroll / Labor Office Expenses Advertising Interest Expense Depreciation Research and Development and Legal Fees.

Understanding how 471 works, having the knowledge and tools to do GAAP full absorption cost accounting, and properly allocating expenses to Inventory and COGS, is how we are able to help companies like your to legally reduce their tax liabilities, versus trying to beat 280E which is futile. We will be able to help you enjoy your many vacations around the world knowing your Monthly Bookkeeping is Compliant and Audit Ready at a moments notice.

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