Cannabis operators face IRS Revenue Code 280E restrictions, but smart tax planning and strategies allow entrepreneurs to mitigate its impact on their business.
Komorn Law is Michigan’s top cannabis law firms when it comes to licensing, consulting and legal defense.
Call them if you’re thinking about venturing into the marijuana business in Michigan (248) 357-2550
Being a legal cannabis company, you are likely familiar with the IRS Tax Code 280E. This tax code sets forth financial hurdles directly related to the amount of tax liability you owe the government at the end of the year.
From cultivators to retail shop owners, whether operating in the medical or adult-use sector, the burdensome financial implications of 280E pose significant challenges for legal businesses in the cannabis industry. The ambiguity surrounding the IRS guidelines on acceptable business write-offs creates substantial obstacles for company owners, hampering their ability to navigate the complex landscape effectively.
Read the rest of the article and more here at Ganjapreneur
Working With, Not Against, IRS Revenue Code 280E
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