Page 4 - CANNABIS NEWS FLORIDA JUNE 2022

AROUND THE REGION
TM

Back Cover Story: Marc Egort, CPA, P.A.:

Helping Your Business Navigate the Cannabis Industry

Continued from back cover more importantly, from a tax standpoint. accounting practices are now offering serv- minded, and have a positive attitude about
a population of productive income-pro- There are extreme limitations on what a ices to cannabis businesses, Egort feels he compliance. Understand that your busi-
ducing individuals who have not done business owner can use as deductions has one great advantage over the others. ness advisors, whether they are lawyers,
anything other than use cannabis, which against the income earned from distribut- “We're a smaller, boutique firm with accountants or other business consultants,
is available via nature.” ing or selling cannabis, whether it's medic- seven total employees, so we don't have are all in your corner and are looking to
Egort also has a strong opinion about inal or recreational.” the distractions of a larger firm where it's help you become successful and to navi-
the medical value of cannabis. The challenges that consultants or tax multilayered and multilevel,” he says. “As gate a very highly regulated, challenging,
“There are other progressive countries advisors such as Egort have is to help a result, we’re able to provide a unique per- and often misunderstood, industry.”
out in this world that are doing tremen- those members of the industry navigate spective with the same level of expertise Finally, he stresses the importance of
dous amounts of research and medical the restrictions on what they can deduct but with greater attention and focus for working with professionals who you are
advancement and using cannabis for treat- against that. Even though, it’s federally our clients. Our clients will never feel like comfortable working with. For example,
ments for cancer or degenerative diseases illegal, it falls under a certain classifica- they're getting bounced around from one do the communication styles match? Is
such as Parkinson’s Disease, which my tion. While IRS Code Section 280E is clear professional to another. We all share the there easy access to the professional—are
father was afflicted with,” he says. “There's that all the deductions and credits are not same level of expertise and resources. they readily available?
leading, cutting-edge research happening allowed for an illegal business, there is a You're getting high value no matter who “You should really decide what's impor-
in the cannabis field right now, but I feel caveat cannabis businesses are aware of: you work with in our office.” tant to you in the professionals you choose
the United States is woefully behind in marijuana business owners can deduct Whether you work with Egort’s practice to work with,” he says. “The knowledge
that arena.” their cost of goods sold, which is basically or any other firm, Egort offers this base about a subject area is similar for
One of the reasons the nation is behind the cost of their inventory. accounting advice: every professional. So, you should decide
is due to the fact that cannabis remains This means they still must report the “Always ask good questions and sur- what's important to you for a working rela-
illegal on the federal level. That makes income. They don't have the same flexibil- round yourself with really good profes- tionship. The relationship is ultimately
cannabis accounting more challenging. ity or liberties that businesses who are not sionals who are embedded in the indus- what matters. Cannabis is a relationship-
“Cannabis is unique because it’s consid- operating under the pretense have as far as try,” he notes. “Those are the people who driven business. That's where the value is.”
ered to be—and is labeled—as a Schedule what they can deduct against that income. will have access to resources specific to the
I narcotic in the United States,” Egort says. Therefore, their taxes are significantly industry, no matter what industry it is, For more information,
“Since it is a federally illegal activity, it higher than other industries. whether it's cannabis or anything else in visit www.egortcpa.com.
makes that unique from an accounting or While other tax consultants and healthcare. Also, be sure to listen, be open

July 29-31, 2022
Rosen Centre Hotel
Orlando, Florida

The Inaugural

Cannabis in Sports
Conference

(CIS 2022)

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Presentations for the Use of

Cannabis in Sports.

For more info view this link:
This conference is designed to foster education on
the use of cannabis in sports!
cannabisinsportsconference.org

Cannabis News Florida cannabisnewsflorida.com June 2022 29