As experienced CPAs who have managed multiple audits of cannabis businesses, Bridge West CPAs and Advisors will discuss what the IRS is allowing for labor deductions and best practices related to reporting.
This webinar will provide a clear understanding of how to manage tax code 280E, and how it should provide guidance on tracking costs of goods sold (COGS). Tracking labor types, employee jobs, activities, and tasks will help companies within any vertical will help maximize tax deductions paired with good record keeping. However, these processes should be different for companies focused on marijuana cultivation and extraction vs retail or dispensaries. You’ll learn all this by watching the webinar below.
Discover how Wurk can enable you to capture specific employee tasks, such as non-deductible budtending and deductible trimming, in different cost centers to provide your business with detailed insights for 280E compliance.
About the presenters:
Jim Marty is the Chief Executive Officer of Bridge West LLC. Jim is a pioneer and a leader in the cannabis industry and is a nationally recognized and renowned expert on marijuana tax, accounting, and banking issues. Jim has been featured on Fox Business News, CNBC, and numerous other nation-wide media outlets. In 2012, Jim founded Bridge West LLC, the first accounting firm in the world to focus solely on the cannabis industry. Since 2009, Jim’s practice has grown to more than 200 cannabis clients, and he has consulted in more than a dozen of medical marijuana IRS audits. He continues to be a spokesman and endorser of the cannabis industry through his highly attended marijuana education business presentations.
Cory Parnell has over 25 years of experience working with business owners and senior management in developing strategic business plans, dealing with complex tax and accounting issues, assisting in the implementation of “best practices,” and increasing shareholder value. He has been involved in the cannabis industry since 2014, and is Chief Operating Officer of Bridge West.
He also advises cannabis clients through challenging business and regulatory environments, Cory’s technical and advisory services range from minimizing the effects of IRS tax code 280E, inventory management, inventory costing, cash management, and preparing financial statements.