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Taxation and 280E for Dispensaries

280e 471 cannabis dispensaries Feb 22, 2022

The Challenges of Accounting for Cannabis Dispensaries

From cash control issues to inadequate reporting and POS software, accounting for Cannabis dispensaries is no easy feat and making the wrong move can land your client in serious legal trouble. 

Accounting professionals claiming to have Cannabis experiences are often misinterpreting tax codes in an effort to increase deductions dispensaries may not be allowed to take. This means that the CEOs who are heavily relying on their accounting teams are unknowingly putting their company at risk of large fees, or worse, being shut down for not following the correct procedure under IRC 280E.

Professionals who are new to the Cannabis industry that have never worked with such large sums of cash are also often finding themselves in a bind by relying on accounting controls from the past that likely won’t work in this industry. The fact of the matter is that if you want to successfully keep your Cannabis clients in compliance, you...

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