Page 34 - SF HOSPITAL NEWS NOVEMBER 2020

Florida’s Resource for TM
Medical & Business
Cannabis Developments

PO Box 812708
Boca Raton, FL 33481-2708 Back Cover Story: A Tax Defense Approach: Marc Egort, CPA, PA
Phone: (561) 368-6950

Website: Continued from page 36 (General Accepted Accounting Prin ciples) With a regional client interest, the firm
www.cannabisnewsflorida.com granular level of compliance to use as a cost accounting to maximize the tax maintains a continually updated knowl-

CHARLES FELIX defense when questions arise implications and minimize the tax liabili- edge base of rules and regulations which
CAROL FELIX “It’s best not to have to play catch up ties by providing a path of compliancy vary from state to state to federal. Just as a
Publishers at the end of the year.” he said. regarding costs of cannabis business. laboratory seeks review and approvals
“If the past 30 years of education at the from a full range of agencies, Egort clients
NANCY LAMMIE IRS 280E school of hard knocks has taught me any- have the advantage of proven guidelines
JMC Graphics The 280E IRS code is a major stressor thing, it is to be ready for some level of and solutions to navigate daunting fiscal
Art/Production providing a frustrating and complex tax interaction with federal agencies, includ- and operational challenges.
scenario for clients. It was initially drafted ing the IRS, FBI, FDA, and DOJ,” Egort As a still relatively new industry, the
JUDY GRAMM to prevent drug dealers from claiming tax remarked. “Every client in the cannabis evolution of the cannabis scenario contin-
Editorial Manager deductions for their business expenses; industry should assume at some point ues. As activists, politicians, business pro-

CONTRIBUTING WRITERS however since even state-legalized they will be audited, so we build a strong fessionals, investors, law enforcement, cli-
Daniel Casciato • Barbara Fallon cannabis is still federally considered illegal defense file from the ground up demon- nicians and patients engage in the
Vanessa Orr • Lois Thomson trafficking of a controlled substance, there strating a culture of compliance every step cannabis industry, there will no doubt be
is a conundrum in what can be catego- along the way,” he continued. further revolutionary changes in the
SUBSCRIPTIONS rized as allowable cost of goods (COG) “As partners we are prepared to sit at the cannabis tax landscape and Marc Egort
One Year - $45 deductions. The 280E code is currently table beside owners, CFO’s and comptrol- plans to have a voice in molding those
Two Years - $70 interpreted to include state-legal cannabis lers when these federal agencies come call- changes with a best practices tax man-
Three Years - $85 businesses which results in a major reduc- ing. Their purpose is to knock holes in agement approach.
tion in allowable COG deductions and in any tax strategy and ours is to be prepared
To subscribe, call (561) 368-6950 turn means increased taxable income for to show a comprehensive compliance For more information, visit
Or email: carol@cannabisnewsflorida.com
the cannabis entrepreneur. approach and shore up every hole,” he www.egortcpa.com
All rights reserved. Reproduction Marc Egort specializes in GAAP explained. or call (754) 301-2183.
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34 November 2020 cannabisnewsflorida.com Cannabis News Florida