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The cannabis industry faces some specific tax rules both on federal and state levels. Most entrepreneurs are interested to know which expenses they can deduct from their business federal income tax. Under normal circumstances, a business can deduct all its usual and ordinary business expenses incurred in the same year, but for the cannabis industry the IRS only allows the deduction of cost of goods sold for federal income tax. The consequence of this restriction is a higher tax liability.
Before selecting an entity type, we help cannabis business owners create a tax plan to minimize the tax consequences of the deductions limited to cost of goods sold as well as stay in compliance with regulations. The ideal options to keep you both informed and ready to take decisions will be a combination of accounting and financial statements preparation. Click here to check your options.
Our U.S. Cannabis Investor Tax Planning Service includes:
Business Growth Strategy
Business growth is the ultimate strategy to sustain your company operations. The key to achieve this objective is to link every element from your strategic plan to the creation of revenue. Linking your plan, strategy and tactics to sales will save you time and money and will make easy the management of your business. There are a few set points for the business cycle that you can anticipate and increase the chance of success of your business. Click here to check your options.
Offshore Strategies
The objective of a offshore strategy is confidentiality and the protection of your assets from frivolous claims. The typical offshore plan starts with an offshore company and goes even to the application for becoming an offshore bank. This may be a fundamental piece of your international strategy enabling the placement of wealth outside of the country without the risk of government freeze and confiscation. The benefits of an well crafted offshore strategy include, in addition to confidentiality and asset protection, zero corporate tax, flexible business laws and protection from political and economic changes.
- Offshore Companies. Click here to check your options.
- Offshore Bank Account. Click here to check your options.
- Offshore Banking Licensing. Click here to check your options.
Audit and Assurance Services
Your audit is an opportunity to assess the reliability of information your partners and investors use to make important decisions about funding, lending and expansion:
- Audits
- reviews
- compilations of financial statements
Testimonials
Thanks to FAS & CPA Consultants and Fulton Abraham Sanchez, CPA, I was able to resolve a debt of $479,677.71 that I had with the IRS.
Gala Cedeño
My experience with FAS CPA & Consultants has been incredible, their professionalism is impeccable. I highly recommend them.
Carlos Lange
I highly recommend FAS CPA & Consultants, they are responsible, efficient and very dedicated.
David Barceló
Get a complimentary tax strategy review today. Email us at support@fascpaconsultants.com
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FAS CPA & Consultants
9000 SW 137 AV Suite 224 Miami, FL 33186 T: 786-462-7899 E: support@fascpaconsultants.com