The cannabis industry has been growing rapidly over the last few years as more states begin to make it either medically or recreationally legal. However, with its legal status changes and subsequent boom, cannabis taxes are the next major impact point for the cannabis industry. With stricter guidelines and tax code 280E, marijuana taxes are far from simple and they present potential pitfalls to the professionals both owning and working with cannabis businesses.
How legalization has impacted cannabis taxes
Katye Maxson-Landis joins Kelly on this episode of the Taxgirl podcast to talk about marijuana taxes and how they relate to both companies and preparers. Katye is the owner of Moxy Accounting and has been focusing on advancing accounting best practices within the cannabis industry. She shares her insight as a CPA and her experience with the cannabis industry with Kelly to help both businesses and tax preparers be compliant.
Listen to Kelly and Katye talk about cannabis taxes:
- The biggest myth of the marijuana industry
- What is Tax Code section 280E?
- What cannabis tax deductions businesses can have
- Why cannabis companies are conservative in their taxes
- Investment in the cannabis industry
- Risk assessment in filing cannabis taxes
- How accountants are dealing with the previously illegal cannabis companies
- What should professionals know about getting taking on cannabis businesses as clients?
- The pitfalls of working with the cannabis industry
- Why professionals shouldn’t work with cannabis businesses out of state
- The banking challenges in the cannabis industry and other professionals working with them
- How is the IRS handling cannabis taxes as it becomes legal?
- Will marijuana become federally legal?
More about Kelly Phillips Erb:
Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.
Kelly’s Website – Taxgirl
Moxy Accounting – Website
Moxy Accounting – Twitter
The Moxy Cohort – Website
Katye Maxson-Landis – Email