Cannabis Tax Services

Complying with tax regulations and implementing effective tax planning are vital for all businesses, especially in the cannabis sector. With our specialized expertise, we empower your enterprise to navigate the complexities of tax legislation with confidence.

The Dynamic Nature of Tax Regulations

The cannabis taxation framework is constantly evolving at both the state and federal levels. It’s essential to have a knowledgeable team that keeps pace with these changes and legal developments. The experts at Leafy Accounting Group are always prepared to offer guidance on upcoming regulations. We serve a variety of states nationwide, bringing specialized expertise in key cannabis markets.
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Tax strategy, tax filing, comprehensive tax services

Tax planning guidance under IRS 280E

Preparation of tax returns

Calculations for tax estimates

Revisions of tax returns

Returns not filed

Preparation of sales tax returns

Mergers, sales, and acquisitions

Support and defense during tax audits

Issues related to payroll taxes

Commonly asked questions

Find detailed answers to your cannabis accounting questions in our FAQ section. We cover compliance, tax strategies, and financial management to help you navigate the industry’s complexities.
The answer is both yes and no. While your existing accountant is capable of preparing the return, they may lack the specialized expertise in IRS Code Sections 280E and 471, which could prevent them from optimizing your tax savings. Furthermore, there is a risk that your accountant could make mistakes that might expose you to IRS audits, potentially leading to substantial taxes and penalties.
It is advisable for cultivators to conduct a thorough analysis of the costs related to growing and packaging in order to optimize their inventory costs, thereby enhancing the deductions for the cost of goods sold.
It is quite possible. Many states impose sales taxes, as well as recreational or medical cannabis sales and excise taxes. Leafyag accountants is available to help you navigate and fulfill all your tax filing obligations.
Certainly! We will ensure that all of your overdue tax returns are submitted, and we will liaise with the IRS and state tax authorities on your behalf to minimize any penalties to the fullest extent permitted.
Absolutely! We offer exceptional tax audit representation aimed at achieving the most favorable outcome for you. Additionally, we will communicate directly with the IRS or state authorities on your behalf, alleviating any concerns you may have about being put in a difficult position or disclosing information that could be detrimental. Consider us as your legal representative in dealings with the IRS or state.
Certainly. This is an integral part of our onboarding process for new clients. We will identify any potential issues or missed opportunities in those returns. If necessary, we can amend prior tax returns to ensure that any concerns or opportunities are appropriately addressed.

Find a friendly and knowledgeable cannabis accountant who understands the specific requirements for your business to succeed.

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