Tax Return Preparation for Cannabis Businesses

Conflicting state and federal laws can make preparing tax returns for cannabis businesses particularly challenging. One common area of confusion for the adult-use cannabis business is IRC section 280E or the cost of goods sold deduction. Cendrowski Corporate Advisors tax specialists use recognized strategies for dealing with 280E and help develop structures and procedures to achieve 280E goals. We can also assist with Form 8300 filings so that any cash payments received over $10,000 are correctly reported.

Form 8300 Cash Reporting Requirements

Form 8300 filings require the reporting of cash payments received over $10,000 in a trade or business. Failure to properly report these payments can result in severe civil and criminal penalties for non-compliance. These Form 8300 filings must be filed within 15 days after receiving cash, and the supporting documentation should be kept a minimum of 5 years from the filing date.

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