IRS §280E And Its Application To The Cannabis Industry Paperback

By Robert H. Carp

The emerging medical and recreational cannabis industry is plagued by IRS Code ?280E which prohibits normal business deductions due to federal laws concerning Schedule I drugs. The IRS code has hampered the industry, and many fledging dispensary and cultivation facility owners have been faced with ruinous audits, large tax bills, and very few places to turn to get help in reducing the tax burden created by IRS ?280E. This book explains how to maximize capitalization of costs, and deals with IRS ?263A as well helping newcomers to the business understand how to create costing methods that will withstand scrutiny by the IRS. Within the book is a thorough explanation of this particular tax code along with a number of recommendation on how to reduce its impact. Also included in the book are 7 business cases with income statements, balance sheets, a narrative, and prepared tax returns with notes on how to handle these tax issues. The book also contains the IRS Audit Guide for Cash Businesses, a must read document for anyone struggling with IRS compliance.

• Format: Paperback
• Language: English
• ISBN: 1945177586
• ISBN13: 9781945177583
• Release Date: January 2016
• Publisher: Primedia eLaunch LLC
• Length: 260 Pages
• Weight: 1.60 lbs.