IRS Code 280E

IRS Code 280EThe accountants that usually work in the cannabis industry are always faced with changing laws from the IRS. This means that financial professionals that cannabis clients consult must always check on what the Internal Revenue Service needs. If the laws and regulations are complied with, the clients that accountants are serving will be kept out of legal trouble and also get the best out of the tax returns. However, the IRS Code280E was instigated to help in keeping illegal cannabis sellers from removing the flight expenses when filing for tax returns. In the first place, these drug lords usually transport cannabis from Colombia by air and anytime a tax return is filed, it is possible to deduct the cost of the planes used for the transportation of the drugs. 

IRS Code 280E
Furthermore, the IRSCode 280E has some set of laws, rules, and regulations which relates to the kinds of expenses a business owner can remove and the ones that cannot be removed. In general, normal deductions cannot be made by cannabis business owners when a tax return is filed for the normal business. So also, there is a list written in relation to acceptable and not acceptable expenses. Finally, the expenses that relate to the direct costs of goods can only be filed in the cannabis business.

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