Cannabis Tax Services
No one likes to talk about paying taxes, especially cannabis companies. Because of the one sentence long IRC §280E, cannabis companies are not allowed to deduct many of the ordinary business expenses and credits that other businesses do. This not only creates a ridiculously high tax burden on a cannabis company, it creates a higher risk of being audited. Strategic cannabis tax planning and rock-solid cost accounting can go a long way in mitigating that risk. 7 Leaf CFOs are cannabis tax experts in §280E and have tools that can help your company build and maintain that rock-solid cost accounting process.
If you are running a cannabis business that has not been audited, it is only a matter of time before the IRS pays you a visit. Our team at 7 Leaf CFOs are specialists in cannabis business tax planning. When you choose to work with 7 Leaf CFOs, we can help you take all of the allowable deductions under current tax regulations. Our experts know how to properly reflect appropriate expenses in your inventory and cost of goods sold. This allows you to legally reduce your taxable income within the framework of §280E.
Should you find your company being audited, you can count on our team to stand behind your company’s books and records to prove that your deductions were appropriately allocated. Our professionals are able to resolve issues quickly and help you minimize audit penalties.
Our team understands the cannabis business. Contact us today for a free consultation to find out how we can help your company navigate the tricky world of cannabis taxation.
Cannabis Tax Services
- Section 280E compliance
- Federal and state tax return preparation
- Assistance on properly allocating expenses
- State and Local Tax
- Business and individual income tax preparation
IRS Solutions
- Section 280E tax problem resolution
- Filing back tax returns
- Minimizing tax penalties
- Installment agreements and payment plans