Tax Law

No business deal can go forward without considering the tax implications. McAllister Garfield attorneys assist cannabis businesses, in conjunction with the business’ accountants and other professionals, with the basic tax considerations of entity formation, business transactions, and day-to- day operations. The Firm has significant experience helping businesses and their accountants understand the complex and special tax rules that apply to cannabis businesses, such as Internal Revenue Code Section 280E, which prohibits most deductions for the cost of selling marijuana while allowing deductions for the cost of goods sold. The Firm has worked for numerous clients to respond to state and federal tax audits. The Firm also advises on reporting cash transactions. We partner with CPAs and tax court attorneys when necessary to ensure that businesses comply with tax law in a profitable way.