Tax Preparation and Planning
Our comprehensive tax planning and preparation services encompass a wide range of cannabis tax scenarios. We stay up to date with the latest tax regulations and utilize advanced software and tools to maximize compliance, minimize liabilities, and identify opportunities for tax savings.
When you choose Legler McCraw for your tax preparation needs, you can expect meticulous attention to detail and a personalized approach. Our dedicated team will work closely with you, understanding your financial situation, and offering strategic guidance to optimize your tax returns. We take the time to answer your questions, address your concerns, and provide clear explanations, ensuring you have a thorough understanding of your tax situation.
Tax Compliance
The firm ensures that cannabis businesses comply with all applicable tax laws and regulations. We review financial records, identify potential tax deductions and credits, and prepare accurate tax returns.
Entity Structuring
Legler McCraw helps clients determine the most advantageous entity structure for their cannabis business, considering factors such as tax implications, liability protection, and operational goals. This may involve choosing between sole proprietorship, partnership, limited liability company (LLC), or corporation.
Tax Strategy Development
We develop customized tax strategies tailored to the specific needs of your cannabis business. We analyze financial data, industry trends, and tax regulations to identify opportunities for tax optimization and minimize liabilities.
280E Planning and Preparation
We offer tailored services to help cannabis businesses navigate the unique challenges presented by this tax code section. With our expertise in the cannabis industry and tax laws, we develop optimized tax strategies to maximize deductions within the confines of IRC 280E. Our meticulous tax preparation ensures accurate reporting and compliance, providing clients with peace of mind.
Audit Support
If a cannabis business faces a tax audit or investigation, the consulting firm provides support and representation. They assist with compiling required documentation, communicating with tax authorities, and resolving any issues that may arise during the audit process.
State and Local Tax Compliance:
We help cannabis businesses navigate state and local tax requirements, which can vary significantly depending on the jurisdiction. We ensure compliance with sales tax, excise tax, and other local tax obligations specific to the cannabis industry.