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It’s Never a Good Time for a Review, Stay on Top of 280e Tax Liabilities

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It’s Never a Good Time for a Review, Stay on Top of 280e Tax Liabilities

March 15
13:42 2019

BREA, CA – Canethics, a California based Cannabis Financial Advisory Solutions Group is sending a friendly cannabis business reminder to all those involved from the CBD to the medical marijuana side of THC, to stay on top of it all and to stay out of trouble and away from penalties, fines and fees. “Keep every detail on file, easily accessible and readily available for local, state and federal review,” according to the company’s President, Crystal Relinski.

Even for those who have a legitimate cannabusiness, this is an arena where they will have to prove without a doubt their compliance of local, state and federal laws. This goes deeper than just working with a cannabusiness accountant to file their taxes. It comes down to how they’re operating their business from day to day and how those functions impact their tax liability and compliance.

“Record keeping software is no replacement for the authority, experience and knowledge of a professional accountant or CPA firm, especially one that has a focus in cannabis accounting and tax preparation. Having intimate knowledge and a working understanding of how ever-changing laws and compliance regulations shape your business is a necessity with today’s expanding industry,” Ms. Relinski went on to comment.

What business, of any kind, wants to be in the cross hairs of the IRS or other federal authorities? As a cannabusiness, they have additional exposure to the government. An experienced and knowledgeable Cannabis Accountant or cannabusiness CPA firm can guide cannabusinesses through everything from point-of-sale strategies to minimizing the effects of IRS 280e. Switching to a specialized cannabis accounting team can also help to bring the cannabusiness into compliance before they are found at fault by the IRS.

When considering the tax liability and compliance requirements, it will be important to identify any possible issues in advance, while following all measures of compliance from local to federal levels within the organization. Documentation and preparation will be the cannabusiness’s ally as they will be able to clearly prove every action, transaction and direction taken by the cannabusiness. This will give the cannabusiness the transparency needed to go through questioning, a review or an audit with little trouble and no consequences.

For a Cannabusiness tax review, contact cannabusiness tax firm, Canethics Inc.

Media Contact
Company Name: Canethics Inc
Contact Person: Crystal Relinski
Email: Send Email
Phone: 714-784-0153
Address:135 South State College Boulevard Suite 351
City: Brea
State: California
Country: United States