That’s why West Coast Cannabis CPAs stepped in. Our services include tax planning, cost accounting, and other business-critical services for cannabis companies.
It might have been only a few years since the legalization of marijuana in a select few states, but already the industry has flourished. If there’s one significant roadblock in the way of those working in the marijuana business, though, it’s that the drug is still classified as a Schedule I controlled substance—meaning it’s illegal under federal law.
Luckily, West Coast Cannabis CPAs specialize in providing comprehensive cannabis accounting services. We have the skill set and experience among our staff to deliver high-quality solutions that can help you navigate Section 280E and start your journey toward a more lucrative, stable financial future.
Section 280E of the Internal Revenue Code prohibits any trade or business from making deductions or receiving credit for any amount if their business consists of trafficking controlled substances. What does this mean for cannabis businesses? It means that companies in the cannabis industry are operating at a severe disadvantage when it comes to getting tax breaks compared to other businesses.
Banks don’t want to touch the money, even if your facility is set up in a state where marijuana is 100% legal. CPA and accounting firms in general haven’t quite made the jump to being able to help these companies, except for West Coast Cannabis CPAs.
We’ve always believed in being on the cutting edge when it comes to delivering exceptional service. That’s why we’re at the forefront of all of these issues concerning the marijuana industry. Simply put, we understand the tax issues you’re likely facing and have the resources available to help you navigate these choppy waters.
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At West Coast Cannabis CPAs, we’re more than just an accounting firm. We are your trusted California cannabis CPA. We firmly believe in the power of collaboration, regardless of the services you’re seeking when you start working with us. With a broad range of cutting-edge financial consulting solutions including tax services, accounting, payroll assistance, and more, we’re your one-stop shop for all of your financial needs.
Whether you need help with filing your tax returns or cementing your long-term business strategy, there’s no more versatile CPA firm out there today. Make sure you’re moving in the right direction and set your company up for success today with West Coast Cannabis CPAs.
Check out our Cannabis Accounting Blogs to find the latest Cannabis accounting news and updates!
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