DIY accounting has become a popular approach among startups and small businesses aiming to reduce overhead by managing their finances on their own. Handling accounting internally seems like a simple and cost-effective solution that gives business owners complete control over their financial activities. However, this article challenges that assumption by revealing the often-overlooked costs associated […]
Cannabis businesses face unique financial challenges due to banking limitations and primarily cash-based operations. Federal regulations prevent many cannabis operators from using traditional banking services, forcing them to conduct transactions mostly in cash. This situation increases the risks of theft, makes accurate tracking difficult, and complicates cash flow forecasting. Effective cash management is crucial for […]
IRC §280E Explained: How Cannabis Businesses Can Legally Reduce Tax Liability Internal Revenue Code Section 280E fundamentally reshapes the tax landscape for cannabis businesses operating in the United States. Enacted in 1982, §280E disallows deductions and credits for any business “trafficking” in controlled substances listed under Schedule I or II of the Controlled Substances Act, […]
