All business owners need to adhere to the rules and regulations when it comes to complying with the local laws and state laws. But in the marijuana business, the business owner has to obey some explicit and stringent regulations such as the 280E compliance. This regulation is a federal regulation that must be adhered to when running a marijuana business accounting. Normal businesses can remove from their expenses which is acceptable under the federal tax laws when documenting tax returns. But in the marijuana industry, a marijuana business cannot do that. There is a difference between marijuana business accounting and regular businesses because some expenses cannot be deducted and the federal laws need business owners to sustain the accounts and bookkeeping sections properly.
Accounting for marijuana business should not be taken lightly because when it is rightly done, it can make a big difference between saving thousands of dollars in taxes and saving nothing. Specialists in accounting in the marijuana industry can handle marijuana businesses owners as clients. They know the process that can help businesses file tax returns in a good manner and take full advantage of exceptions that has been laid out for the business. Accounting for these businesses is called managerial or cost accounting.
If you are wondering how to open a medical cannabis business, then take our cannabis business workshop at California college for cannabis, in San Diego, Pasadena and Sacramento;
how to open a medical cannabis business Our attorneys and industry leading network of professionals will be hosting a to go over all aspects of cannabis business licensing, start-up and operation.
At 420 College – it all begins with helping YOU to understand what is proper, lawful and appropriate!
Our hands on medical cannabis business start-up seminars or one-on-one consultations are perfect way to get started!
You get an intense 2 days of advanced information about how to start and operate a medical cannabis business in California.
Find out how 420 College 2 DAY seminars can help you in your business, click here