Cannabis Bookkeeping 101: Building Your Financial Foundation Before You Open Doors
The cannabis industry may be booming, but it’s fraught with complications. Margins are tight, licensing fees are high, competition is fierce, and compliance concerns abound. Even though cannabis is legal for sale in most states, it is still considered an illegal substance by the federal government. It is therefore subject to restrictive taxation aimed at…
When to Upgrade from a Bookkeeper to a Cannabis CPA: Signs You’re Ready
Tax compliance and financial regulations are non-negotiables in the cannabis industry. Unfortunately, simply keeping up with these requirements isn’t a magic formula for growth. If you’re managing to maintain the status quo but struggling to imagine expansion, it might be a sign you need specialized financial expertise that your bookkeeper simply cannot provide. But how…
Deduct This, Not That: Navigating Deductible vs. Non-Deductible Expenses Under 280E
Did you know that cannabis businesses can only deduct a fraction of their expenses on taxes? It’s true – thanks to a tax code provision called IRC 280E, normal business write-offs are mostly off the table. Understanding IRC 280E IRC 280E is the biggest challenge to the cannabis industry’s financial well-being. Under this stringent tax…