It is a reality that no company, irrespective of how small or large it is, likes to hand over money to the tax collector. Legal marijuana businesses have to pay taxes in compliance with IRS Code 280E, which is the same category reserved for illegal drug traffickers. To ensure that your firm is in line with marijuana tax compliance, you should hire the services of a marijuana CPA that will keep up with you to understand where exactly your business is heading for. Every business is different from other in terms of finances so why would you hire an accounting firm that treats every tax return the same? You and your CPA realize that filing a tax return is probably the last thing you want to deal with, but it has to be done in any case. Having a professional accounting firm working honestly and tirelessly to keep your business tax-compliant is indeed a boon, especially for the small and medium-scale businesses. Your business should take advantage of all deductions and tax incentives available and it is only possible when you have an expert aid by your side. If your CAP is formed of people who have a rich experience and vast knowledge with tax compliance of all type of entities, you have nothing to complain really. Section 280E is the most crucial aspect of federal taxation for a company that is working under marijuana industry. Tax law and regulations, innumerable other sources of authority need to be understood very well to ensure that your company is marijuana tax compliance and paying as minimum tax as permitted.
Marijuana businesses have to deal with the burden of income tax besides additional burden of taxes and excises that is imposed on the cultivators and retailers of marijuana. Furthermore, a business should obtain all the necessary licensing with the state to avoid any run-in with the law authorities in the future. Not every accounting firm is willing to work with marijuana businesses because of the complex nature of this business as it is still considered ''illegal'' in many parts of the state. However, now there are some farsighted people who offer specialized marijuana accounting and taxation services.
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