Often it is seen that these companies approach other accounting firms who refuse to take their work due to the stigma attached by clients and business stakeholders who are conservative in their views towards anything related with cannabis. Fortunately, these companies now do not face such difficulty as some specialist cannabis accounting firms have come up which cater specially to the needs and requirements of cannabis industries. A leading marijuana CPA firm offers its accounting services to growers, distributors, and partners.
Whether you are a newcomer or an experienced cannabis grower, you will have to face and deal with complex set of rules and regulations related to cannabis cultivation which is no less than a major headache itself. Looking from an operational and financial perspective, companies that grow, sell, and distribute marijuana are similar to any other commercial entities. Growing facilities have revenues, direct and indirect costs, and selling general and administrative expenses. However, there are striking differences that govern the taxation and accounting of traditional manufacturing organization and one which is concerned with growing and cultivation of marijuana.
The 280E Form is akin to tax nightmare that has created a huge set of problems for any business directly involved in either the cultivation or sales of cannabis. Fortunately for them, they can limit their tax liabilities with Cost Of Goods Sold deductions by hiring the services of a vastly experienced cannabis accounting firm which can help you to limit any unnecessary tax exposure. There are some common and most frequently questions lurking on the minds of cannabis cultivators which are answered by experienced experts to satisfy their concerns. Here are some of them.
What Deductions Are Available To My Business?