Tag: Marijuana Bookkeeper

3 Avoidable Mistakes in Handling Cannabis Business

3 Avoidable Mistakes in Handling Cannabis Business

Business
If you take a look at the Cannabis business as on date, you will find that it is mired with numerous financial hurdles. The regulations are complicated with many long-term consequences which can make you go out of business. Not just this, this industry is also mired with lack of qualified professionals like CPAs, marijuana book-keepers who can help you adhere to stringent regulations while saving you from the high risk of fines and the penalties. Here are some financial mistakes that you should avoid: 1. Ignoring IRC Section 280E Under this section, the cannabis companies can’t deduct business expenses due to the federal status of marijuana as a Schedule-I substance. According to this code, the businesses can only write-off the cost of the goods sold which increases the taxes signifi