The IRS is ramping up audits on cannabis businesses, which must navigate stricter tax rules and limited deductions under Section 280E of the Internal Revenue Code, as cannabis remains a Schedule I substance federally. These businesses can only deduct the Cost of Goods Sold (COGS) but not ordinary business expenses, making compliance challenging. Engaging an experienced cannabis accoun... https://www.cannabisbusinessinsights.com/news/key-benefits-of-hiring-an-accountant-for-cannabis-businesses-nwid-394.html