Specialized Tax, Accounting and Business Advisory Services for the Cannabis Industry in New York, NY

The cannabis industry is thriving in states that have legalized it, and there is significant growth potential for growers, processors, retailers and other ancillary businesses. Our professional advisors can help you maximize opportunities and successfully navigate the unique challenges that cannabis businesses face.

​

The fact that cannabis is currently illegal under federal law, but legal in many states, means your business must comply with a complex set of federal, state and local tax rules while not being able to claim federal tax breaks. For example, Internal Revenue Code section 280E currently disallows deductions or credits for amounts paid or incurred in carrying on businesses involved in cannabis, even if they operate in states that have legalized its sale.

​

And yet, cannabis business income is taxable for federal purposes. This creates complicated tax issues for your business, such as those involved in the calculation of costs of goods sold (COGS) to determine gross income. Accurately and strategically calculating your COGS with professional guidance can help reduce the taxes you pay.

​

Our Cannabis Tax, Accounting, and Advisory Services

Our specialized knowledge of financial issues affecting the cannabis industry has helped growers, processors, retailers and other ancillary businesses enhance their profitability and grow their businesses.

​

Among the services we provide:

• Tax planning under Section 280E and other federal tax rules

• State and local tax compliance and incentives

• Tax strategies for operations in multiple states

• IRS Form 8300 filing for cash payments over $10,000

• Employment tax requirements

• Entity selection for your business

• Financing and funding options

• Accounting, internal audit and assurance

• Business valuation

• Cannabis licensing application assistance

​​

Take Your Cannabis Business to the Next Level

As the cannabis industry grows and rapidly changes, so does the need for specialized advisory services. Alliance Accounting & Tax CPAs can help you take your cannabis business to the next level.