favorite this postCANNABIS CEO'S: Do you know the IRS "trigger" that will flag an AUDIT?hide this posting
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Cannabis CEO's -
I've found the accounting function to sometimes be lacking at many cannabis companies. Many I've met have a "world class grow", or a "world class lab", or a "world class shop", but very few are building a "world class company", and in this competitive landscape, those will be the winners.
Ask yourself these questions:
1- Does your current accountant/bookkeeper "really" understand 280e?
2- Do they know how to do correct cost accounting?
3- Do they understand your entity structure and the relative cost allocations?
4- Are you really maxing out on every single deduction you can possibly take?
5- IS YOUR ACCOUNTANT OR TAX PERSON SOMEONE WHO HAS WORKED INSIDE THE INDUSTRY AND SPECIALIZES IN CANNABIS?
We are Cannabis Industry Financial Experts who can help CEO's transform their business by increasing cash flow, enhancing margins, and improving processes. Contact us today to find out how we can help solve your financial issues.
And by the way, the answer to the question is: The M1 280e adjustment of less than 20% on the tax return is the number we're finding that will trigger an audit.
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