cannabis tax relief
CPA services
The dirt
The cannabis industry is under siege by the Internal Revenue Service - no one can hope to deny that. The tax code is clear how to treat companies that partake in the sale of a controlled substance - it is covered in section 280e which is literally one sentence long. What is in the process of being determined is how cannabis businesses can and cannot apply this rule. Unsurprisingly, the IRS has taken an extremely strict approach in its application of section 280e. Unfortunately for us, the federal tax court has been agreeing with the IRS, as they rack up victory after victory in litigation. This has lead to massive back taxes being levied against cannabis businesses, many of which are still pre profit. The good news is, there is a means to fight back. By employing a CPA with a large wealth of tax knowledge and furthermore, one well-versed in the cannabis industry, you have an ace up your sleeve. Many absurd IRS and state government decrees can be argued down if a professional can present your argument in the correct manner.
Specific tax relief services we offer:
+ IRS & State Government Audit Representation
Don't allow yourself to get bullied by the federal or state government. An audit by a tax authority can be a particularly lengthy, costly and frankly freighting experience. By executing a Power of Attorney with a Greenbooks certified professional, our clients almost never have to deal directly with the federal or state governments. We stay extremely up to date on the latest tax rulings and court proceedings specifically for the cannabis industry. You can be sure you are receiving the absolute top of the line service for a cannabis company undergoing an audit.
+ Back Taxes
If you have been found guilty owing back taxes for previous tax periods, there is a possibility for some relief. Not only are our CPAs and tax professionals intimately familiar with the tax law, we happen to specialize in cannabis companies. Back taxes can be a tricky issue as often our clients took advice from their previous accountants which didn’t work out. Previous accountants may or may not have left detailed workpapers but good record keeping in the cannabis industry is a difficult thing to come by. Greenbooks can guarantee the best possible service in terms of reducing your back taxes as well as setting up a payment plan with the regulatory agency for the final number.
+ Amending and/or Filing Past Due Tax Returns
For any of our clients that have missed a tax filing, we actively encourage them to file that return as soon as possible. In addition, as cannabis companies become our long term tax or accounting clients, there is often a major error identified in their previous tax returns which may lead to an amended return. This often stems from tax credits having been unclaimed or certain business deductions being untaken. Have no fear in filing amended or past due tax returns with Greenbooks. We will use the full scope of our expertise in the cannabis and accounting worlds to have your return filed accurately, correctly and to the lowest amount of tax liability possible for your organization.
+ Why Choose Green Books
Dealing with a bad tax outcome, ruling or decree in the cannabis industry can be an absolute nightmare if you try to go it alone. Greenbooks is here to assist our clients dealing with tax trouble. Employing a CPA firm that is solely focused on the cannabis industry will be beneficial to you - the issues in the industry are extremely common from company to company and many require the same type of solution. We understand that when trying to build a business in the cannabis industry, tax issues could very well be par for the course - so lets clean it up together!
