Seed-To-Sale Cash-Managment

It’s important for business owners in the cannabis industry take into account that their companies will not be able to do federal withholdings for income tax purposes and Social Security inputs will not be taken into account due to the fact that these firms do not have access to banking services. Furthermore, section 280E states that cannabusinesses cannot deduct business expenses aside from the cost of goods sold. Companies who want to take advantage of the IRS 280E legislation must be able to discern between what is considered production costs from what is considered to be sales costs and account for both in a detailed manner. Software products like BioTrack THC and MJ Freeway are great systems that help employees and companies meet the needs of federal tax regulators and also gives the companies and investors a transparent view of profits and losses.
#seedtoscale #cashmanagement #tax #cannabis #bannabusiness #280E