Tax & Accounting issues: 4 years post SQ 788

Did you know the IRS can deny deductions completely if
you are operating without good records? Also since there
are no “deductions” in cannabis it’s important that your
cost of goods sold is flowing properly through inventory
which is a business asset
■ Under an audit having actual receipts looks great. You can
try to recreate your expenses from a bank or credit card
statement… but what if they are paid in cash? Part of our
monthly bookkeeping for clients includes electronic
receipt storage

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