Are you Familiar with 420 Tax Laws?
If your accountant is using General Cost of Goods Accounting you are at HIGH risk of a Tax Audit and Huge Tax Penalties.
What is IRS code 280E?
Internal Revenue Code (IRC) Section 280E (Section 280E) denies deductions and credits for amounts paid or incurred in carrying on the trade or business of trafficking controlled substances (within the meaning of Schedules I and II of the CSA) in violation of federal or state law.
No deduction or credit shall be allowed for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business (or the activities which comprise such trade or business) consists of trafficking in controlled substances (within the meaning of schedule I and II of the Controlled Substances Act) which is prohibited by Federal law or the law of any State in which such trade or business is conducted.
So what does this mean for Cannabis & CBD Businesses? Cannabis businesses are not able to take deductions like most businesses can, which means that they are not legally able to take advantage of tax benefits for incurring expenses like...
- Payroll / Labor
- Office Expenses
- Advertising
- Interest Expense
- Depreciation
- Research and Development
- Legal Fees
Unless you understand how 471 works, have the knowledge and tools to do GAAP full absorption cost accounting, and can properly allocate expenses to Inventory and COGS, trying to beat 280E is futile
How We Grow Your Business
Getting to know your business
Go Digital with Cloud Based Software
Go Digital with Cloud Based Software
We'll associate you with a onboarding expert who will become acquainted with your business, acquaint you with our systems and recommendations, as well as assembling the data we need.
Go Digital with Cloud Based Software
Go Digital with Cloud Based Software
Go Digital with Cloud Based Software
Upload your month to month receipts, bills and other paper archives to our secure cloud based system. We will also advise software that integrates with our accounting programs to insure a smooth work flow and tax trail.
We Make Accounting Easy
Go Digital with Cloud Based Software
We Make Accounting Easy
Our company can be as hands on with your day to day needs, or we can customize services. AR/AP, HR, Payroll, Business Structure, Budgets, Future Planning. Clear and precise month to month accounting reports will be available with a touch of a button. You can focus on your business knowing these significant capacities are being dealt with by a Qualified Company with experts.
Financial Services Tailored to the Cannabis & Hemp Industry
Due to the perplexing guidelines related with the cannabis and hemp industry, it's key that you are on top of your financials. A virtual CFO trained specifically for this industry comprehends the extraordinary issues related. With Mary Jane Financial Services you will have access to a financial network that are all qualified to serve in every business need for your industry.
Customized, master support from Certified Professional
Exact month to month reports
Planning and documenting government forms
Following of monetary KPIs that are basic to the accomplishment of your business
Exceptionally created frameworks to arrange your business' accounts
Flawless accounting that considers more prominent authority over your financials
Intensive comprehension of Section 280E and what it means for your companies tax allocations
Memberships and Certifications
Contact Us
GET STARTED TODAY
Take the first step and contact us! We are excited to meet you and discuss your personal and business needs.
Mary Jane Financial Services
134 North Ridge Road, Marble Falls, Texas 78654, United States
