Your Cannabis investments need a tax plan to comply with the IRS’ expense limitation reporting and filing on time to avoid penalties.
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.
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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.
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9000 SW 137 Av Suite 224 Miami FL 33186
Accounting Firm providing Accounting & Bookkeeping, Tax Planning and Offshore Strategies to grow your business and protect your assets.
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Fulton is a wonderful CPA who fully understands tax law and provides honest advice for his clients.