Whatever your personal thoughts are around cannabis, the fact remains nearly two-thirds of U.S. states have legality for medical or recreational use and accountants need to see the opportunity to service this growing(sic) niche.
As with anything new, there are always reservations simply based on the adage "you don't know what you don't know." In the case of cannabis businesses, many tax and accounting professionals simply don't know enough about the compliance and financial aspects of this sector to take on these businesses as clients. This is where we at AccountingWEB would like to help.
Penned by columnist Craig Smalley, EA, who has served legal cannabis businesses and entities for several years, our free, downloable Cannabis and Taxation guide takes you through all of the basics and then some. Whenever entering a new area of client service, you want to have confindence that you can be the right tax and accounting professional for these businesses. Such is the core aim for this guide.
It will show you how legality gained traction, why cannabis has already resulted in billions of dollars in state tax revenue and what you need to know to keep these businesses compliant...particularly what IRC Section 280e is all about.
We hope you take the time to learn more about what exists now in relation to cannabis businesses, as well as get better prepared for what is coming.