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cannabis business accounting

Cannabis businesses are faced with a range of issues and difficulties.  But most of them are related to federal tax codes and compliance with the laws.  The laws that surround this industry keep changing and this is the reason it is important for businesses to seek the services of professionals to make sure that their businesses are complying with the state, local and federal laws.  Cannabis business accounting is a very important aspect of the 
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Before I get to my business intel, you should know that the personal tax world was roiling late last week over some fraud detected from within TurboTax. Here is the story: http://www.forbes.com/sites/kellyphillipserb/2015/02/06/turbotax-temporarily-halts-e-filing-in-all-states-amid-fraud-concerns/ Essentially, the makers of the software detected a level of fraud occurring in state tax return submissions that made them decide to completely shut down submission of those returns for a period of time. Eventually, they determined that the apparent source of the fraud was outside 
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Tax attorney - Robert W. Woods, states: "Sales tax isn’t the only issue. As I noted here, the IRS also has issues with medical marijuana. Under federal tax law, Internal Revenue Code Section 280E precludes deductions for any business trafficking in controlled substances. For that reason, some dispensaries have been stuck paying tax on their gross income, not on their net after expenses!
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Upcoming Events
May
25
Sat
2019
9:00 am @ Cultivation Manager/Employee Training
@ Cultivation Manager/Employee Training
May 25 @ 9:00 am – May 26 @ 3:00 pm
420 College is now offering training classes for Cannabis Cultivation Businesses. This class is aimed towards anyone looking to work in a Cannabis Cultivation Business, as well as current employees of Cultivation Sites looking to get training and certification. Our classes will include: Management/Owner Training (Includes all aspects of the Business) Employee Training (Inventory, Office Administration, Cultivators) Day 1 (Saturdays) will cover management training ($395)–(9am-3pm) Day 2 (Sundays) will cover Growers Training ($149)–(9am-3pm) We also 
Jun
1
Sat
2019
9:00 am @ Distribution Manager/Employee Training
@ Distribution Manager/Employee Training
Jun 1 @ 9:00 am – Jun 2 @ 3:00 pm
420 College is now offering training classes for Cannabis Distribution Businesses. This class is aimed towards anyone looking to work in a Cannabis Distribution Business, as well as current employees of Distribution Sites looking to get training and certification. Our classes will include: Management/Owner Training (Includes all aspects of the Business) Employee Training (Inventory, Storage, Packaging, Office Administration, Transporting) Day 1 (Saturdays) will cover management training ($395)–(9am-3pm) Day 2 (Sundays) will cover Transport, Packaging, Storage