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A Local Guide to Southern California Cannabis Taxes: What LA, San Diego, and Riverside Dispensaries Need to Know
Cannabis dispensaries in Southern California have unique tax concerns. In addition to federal taxes and the onerous burdens of IRC 280E, they must maintain separate accounting for state taxes to maximize deductions, while adhering to local cannabis tax legislation that varies significantly from jurisdiction to jurisdiction. Today, we’ll discuss California cannabis taxes, with a particular focus on Los Angeles, San Diego, and Riverside dispensaries, and how local retail taxes can impact their accounting.
Cannabis Bookkeeping for SoCal Dispensaries: Avoid Common Mistakes That Trigger Audits
Cannabis dispensaries in Southern California face numerous challenges. Although running a business can be profitable, state, local, and federal regulations create an incredibly complex landscape. Adding to that, you’re operating in a saturated and highly competitive market, where banking options are limited and costly, and just about every aspect of the business is high risk. The last thing you need is an IRS audit.