Feb 16, 2023
The Blunt Accountant — The Story of Angela Mays
Learn more about Angela and 280E here:
Welcome to this episode where we'll be diving deep into the complex world of cannabis accounting and IRS Code 280E. Since the legalization of cannabis in many states across the US, the cannabis industry has been growing at an unprecedented pace, and with that growth comes new challenges, especially when it comes to accounting.
In this episode, our guest speaker, a seasoned accountant with extensive experience in the cannabis industry, will shed light on the importance of proper accounting practices, the challenges faced by cannabis businesses, and how IRS Code 280E complicates matters even further.
We'll start by exploring the basics of cannabis accounting and the unique challenges faced by cannabis businesses, including the difficulties of keeping accurate records of income and expenses, inventory management, and the challenges of operating in a largely cash-based industry.
Next, we'll delve into IRS Code 280E, which restricts cannabis businesses from deducting most business expenses from their federal income taxes. Our guest speaker will explain the implications of this code and its impact on the industry, including how it can affect the profitability of cannabis businesses.
We'll also discuss some of the strategies that cannabis businesses can use to minimize the impact of IRS Code 280E on their bottom line, including the importance of keeping meticulous records, identifying deductible expenses, and utilizing creative tax planning strategies.
By the end of this episode, listeners will have a better understanding of the unique accounting challenges faced by cannabis businesses, the complexities of IRS Code 280E, and the importance of proper accounting practices to ensure the long-term success of a cannabis business. --- Support this podcast: https://podcasters.spotify.com/pod/show/black-gold-podcast/support