How Cannabis Businesses Can Navigate Tax Season

Navigating tax season in a federally illegal industry can be complicated. The CJBS Cannabis Practice Team is here to help. In this 20-minute webinar recorded in February 2023, CJBS Senior Partner Matt Bergman, CPA and LKP Impact Consulting Principal Laurie Parfitt discuss what cannabis businesses need to know as they structure their business and prepare for tax season. During the webinar, Matt and Laurie share insights about:
- Selecting and setting up accounting systems and software;
- The importance of entity formation;
- The nuances of IRS Tax Code Section 280E;
- The differences in cost of goods sold (COGS) deductions for cultivators and dispensaries; and
- Properly documenting financial activities.
To learn more about how CJBS can help your cannabis business with innovative tax and financial solutions, click here to contact Matt.
Watch the Webinar below:
More News & Insights
Taking credits can raise flags with the IRS–and audits can be time-consuming and costly. Here’s what to consider before opting to save a little extra at tax time. Should you take a tax credit if it means your cannabis business will have a greater chance of being audited? “It depends,” says CJBS Partner Ryan Guedel, […]
Dear Clients & Friends, As the extended tax season comes to an end, we appreciate you trusting us to provide the best possible service to meet your financial planning and accounting needs. If for some reason you missed a recent deadline, please call us immediately. With the busy holiday season just around the corner, now […]
As the holiday season is approaching, we wanted to share a NEW Info-Series with you highlighting some of the scams and frauds that are running rampant in today’s day and age. We hope this series, written by Larry G. Goldsmith, will help raise your awareness to these scammers’ newest tactics and provide you with tips […]
As we come to the end of a challenging year, many people are turning their thoughts to their long-term financial security, looking for ways to make the most of their savings, especially when considering retirement.
There are several benefits to having a Health Savings Account (HSA) and with the rising cost of healthcare, it might be a good time to think about starting one, if you haven’t already. What is a health savings account and who is eligible? In brief, an HSA is a medical savings account to which you […]
The holiday season is upon us! Around this time of year, we are often asked about optimizing charitable tax deductions, including whether you can take charitable donations without itemizing. There are many strategies available to decrease your tax burden through making donations. Below we will discussing a few different methods including bunching as well as […]