Did you know the IRS can deny deductions completely if you are operating without good records? Also since there are no “deductions” in cannabis it’s important that your cost of goods sold is flowing properly through inventory which is a business asset ■ Under an audit having actual receipts looks great. You can try to recreate your expenses from a bank or credit card statement… but what if they are paid in cash? Part of our monthly bookkeeping for clients includes electronic receipt storage
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