Don’t Blow It: Federal Tax Strategies For New And Established Operators

Plant-touching cannabis operators must adhere to Section 280E of the Internal Revenue Code, which prohibits a business trafficking a controlled substance from deducting typical business expenses when filing yearly federal taxes. This presents a number of accounting challenges for cultivation, dispensary and extraction professionals, and mistakes can lead to significant legal and financial consequences. In this session, experts from Jones Tax Group will explore: The inherent risk and additional burden of a cash businesses; How misunderstanding IRC 280E can break cannabis businesses; Why using the correct inventory method is critical; and Why having proper accounting, controls and record-keeping is the key to success.