Cannabis Accounting

Cannabis, or Marijuana, is fast becoming the law of the land, either medically or recreationally. As a result, the market is adjusting with businesses coming online involved in the cultivation, distribution and sale of cannabis.

Although cannabis may be legal in some form in 33 states, it is still illegal at the federal level. As a result, the ability of cannabis businesses to properly deduct their expenses is severely restricted. The IRS disallows deductions of non cannabis expenses per Internal Revenue Code Section 280E. As a result, without careful planning, cannabis businesses may wind up paying a crippling amount of unnecessary taxes due to the disallowance of business expenses.

We have experience working with cannabis businesses to structure their operation in ways that allow them to deduct both cannabis and non-cannabis business expenses.

If you are getting into the cannabis industry, please give us a call to help you get started and ensure you are able to deduct as many expenses as possible.

Keith E. Johnson CPA PA

Address

1621 Emerson Street
Jacksonville, FL, 32207, US

(904) 727-0077 [email protected]

About us

We are a full service CPA firm ready to serve all of your financial needs whether you are an individual, family, or business. We have the knowledge and experience to provide you with the best tax and financial solutions legally possible.

We are members of the American Institute of Certified Public Accountants, Florida Institute of Certified Public Accountants, Institute of Internal Auditors, Institute of Management Accountants, ISACA, University of North Florida Small Business Resource Network, Jacksonville Chamber of Commerce, Non-Profit Center of Jacksonville, Northeast Florida Association of Realtors and St. Johns County Chamber of Commerce. We are committed to staying on top of accounting and financial developments as well as staying well-connected to First Coast area businesses.