The Tools Accounting and Tax Professionals Need to Properly Service Cannabis Businesses [Infographic]

 
If you're an accountant, cannabis business owner, or operations manager, the following guide should help you understand how DOPE CFO can provide you with proper accounting practices.     

 

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$78k in Accuracy Penalties for Cannabis Company for Poor Accounting and Record Keeping

IRS found that due to poor record-keeping, lack of check registers, no physical inventory counts, incorrect Cost of good sold allocations and much more caused $78k in penalties

 

The Tax Court in Alterman upheld the imposition of a 20% tax penalty on the taxpayer for the underpayment of the tax liability resulting from the deductions taken. Various medical and recreational marijuana practices have been legalized in the majority of the states but the last major hurdle, the Section 280E prohibition,  still keeps marijuana ultimately classified as a Schedule I controlled substance under federal law.

 

Attorney Henry Wykowski explains, “Nevertheless, it’s a disappointing case and illustrative of the difficulties the industry faces with many – but not all – of the judges in tax court.”

 

What does this mean? If a business is operating without keeping good records, the IRS can deny deductions for business expenses.  Due to the...

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