- Posted by Ricci Administrator
- On November 6, 2015
- 0 Comments
PLANNING FOR 280E
It is a wide open world full of opportunities for the Marijuana industry. There are now 23 states and the District of Columbia where the medical use or recreational use of Cannabis is now legal. This presents an opportunity to earn a lot of money for legal and licensed sellers.
Unfortunately with that opportunity there can be some pitfalls along the way. Ricci & Company can help you minimize your tax liability. With the IRS code section 280E in effect a legal licensed Cannabis business can have an effective tax rate between 60-90%. The Marijuana industry also faces the fact that most banks will not allow them to open accounts. These issues and the like make it challenging for any business to operate in this industry.
Fortunately we can help. Ricci & Company is on the forefront of the accounting issues that face the Marijuana industry. We can help you with cost accounting, business structuring, and overall advice. Our goal is to assist you with minimizing your tax obligations, provide insightful financial advice, and help all of our clients prosper today and in the future.
To Do List
- Schedule a meeting with your Specialist, John Grisham or any of the knowledgeable CPAs at Ricci & Company.
- Ask yourself if you are ready to tackle the tax challenges that the industry faces.
- Structure your business correctly to maximize your profits.
- Focus on today, but keep your eyes on the future
For more information please contact:
John Grisham, CPA/PFS, Principal
Address: 6200 Uptown Blvd. Ste. 400,
Albuquerque, NM 87110
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