Tax Problem Resolution
Despite rapid expansion across the country, the cannabis industry continues to be a big target for the IRS. Section 280E of the tax code labels marijuana businesses as trafficking controlled substances. This classification forbids most common credits and deductions that can be taken by other types of businesses, making controlling tax liabilities a challenge. Which expenses are legitimately deductible is open to debate and can cause serious problems with the IRS or the state you operate in. Make sure you have an experienced CPA firm on your side like Smoky Mtn Cannabis Advisors.
If your cannabis business has received an audit notice, turn to us to minimize penalties and resolve the issue as quickly as possible. We have direct experience with IRS and state cannabis audits. We know exactly what to do and will deal with auditor on your behalf. You can count on us to help file back taxes, negotiate a fair resolution, and set up a reasonable payment plan if necessary.
For businesses operating in the marijuana industry, an audit is inevitable. Before you receive your audit notice, contact Smoky Mtn Cannabis Advisors at 423-243-2653 or request a free consultation online.
State and 280E tax services:
- Resolving IRC Section 280E tax problems
- Filing back tax returns
- Minimizing tax penalties
- Installment agreements and payment plans
- Federal 280E audit representation
- Interpreting and responding to IRS notices
- Research and support for complex tax problems
- Liaison with tax attorneys specializing in 280E
- Payroll tax problem resolution
- Managing payroll to avoid future tax problems