An accountant wrote a very interesting article about accounting for marijuana businesses and Internal Revenue Code Section 280E. If you own a cannabis business you should read the article.
“I have been a cannabis tax professional for six years now. Initially, I can remember reading articles from organizations like the AICPA, saying that since cannabis was illegal federally, that any accountant that participated in helping those in cannabis were in jeopardy of losing their license. But then what do you expect from an industry that is so far behind, a majority of tax accountants are still printing and mailing tax returns.”