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marijuana 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 
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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 
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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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