Budz Accounting

IRS Code 280e is so important to cannabis companies. Since cannabis is still illegal at the federal level - despite many states passing laws to make medical and/or recreational use legal - cannabis companies are very limited in what they are allowed to deduct on their tax return. Most generalist accountants miss this and cause their cannabis clients to have unnecessary risk by treating them as any other tax and accounting client. I have even seen examples where typical tax planning for a cannabis client causes tax liabilities to exceed what it would have been had no "planning" been done. If you are in the cannabis business, you really need to be working with an accountant that specializes in cannabis accounting.