Push Back On IRS 280E
Section 280E of the IRS tax code is something almost everyone in the cannabis industry has had to deal with. If a business touches the cannabis at any point, then they must use 280E because they are considered trafficking. 280E 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
Some Useful Info. Ahead of Recreational Cannabis
Hello everyone! Even though the blog just started recently, I am going to write an article unrelated to accounting and taxes. I want to write to talk about what consumers of cannabis can expect in California when cannabis becomes recreational. On Jan. 1, adults (21+) may purchase cannabis from a licensed dispensary. This does not mean that people should be lining up in front of their local dispensary waiting for midnight to hit to buy legal cannabis. Retailers are only allowe
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