If any business owner is considering hiring a professional accountant for a cannabis business, accounting for dispensary business is crucial and a professional accountant who has vast knowledge in Section 280E of the IRC is required. The professional will be familiar with the laws in the state and should always suggest the best steps to be taken to maximize profits for the business. Section 280E is important for cannabis business owners and every owner must be aware of what this section of the law demands. Basically, cannabis is illegal in the federal law but some states have legalized it.
This section of the Internal Revenue Code is concerned with tax issues that are related to illegal income. The profit and income generated in the cannabis industry are considered as illegal and for business owners to get the gain, then they must know the amount that will be deducted. They must also know the penalties for not following and obeying the laws under this section of the IRC. The best way to handle accounting for dispensary business is to seek assistance from a professional accountant. The professional will also need to protect the business and the business owner from risks and penalties that may be experienced in this section.
If you are wondering how to open a medical cannabis business, then take our cannabis business workshop at California college for cannabis, in San Diego, Pasadena and Sacramento; Our attorneys and industry leading network of professionals will be hosting a to go over all aspects of cannabis business licensing, start-up and operation.
At 420 College – it all begins with helping YOU to understand what is proper, lawful and appropriate!
Our hands on medical cannabis business start-up seminars or one-on-one consultations are perfect way to get started!
You get an intense 2 days of advanced information about how to start and operate a medical cannabis business in California. Find out how 420 College 2 DAY seminars can help you in your business, click here.