Because of IRS Code 280E, expenses and credits are disallowed as deductions for income tax purposes. However, Cost of Goods Sold are considered adjustments to gross revenue. We will explore the code sections related to inventory and COGS to maximize the expenditures allowed for COGS.
Harley Sherman will discuss what expenditures are allowed as cost of goods sold for the various licensees.
Harley Sherman, President, Etz Chaim
Harley is a CPA with 25 years of experience in accounting and income taxes. Harley has been providing advisory, accounting and tax services to the cannabis industry since 2016.