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.
Who Should You Hire First? A Strategic Approach to Scaling a Family Office
One of the most important decisions in scaling a family office or growing organization is often underestimated: Who should you hire first? Many leaders default to hiring for immediate needs — filling operational gaps, addressing urgent issues, or reacting to growth pressures. While this approach may provide short-term relief, it frequently introduces structural inefficiencies […]
Don’t Hire for Today’s Problems: How the Right First Hire Shapes a Family Office
As family offices grow, hiring decisions become increasingly important — and increasingly strategic. One of the most common mistakes is hiring to solve immediate problems rather than planning for long-term scale. At first glance, this approach seems practical. Operational gaps need to be filled. Issues need to be addressed. But hiring reactively can create […]
Why 90% of Family Wealth Disappears by the Third Generation
Why 90% of Family Wealth Disappears by the Third Generation There is a statistic frequently cited in wealth management: nearly 90% of family wealth is lost by the third generation. The assumption is often that poor investment decisions are to blame. The issue is rarely financial performance. More often, it is a failure of preparation. […]