Ever since our incorporation IATC Inc. has been assisting entrepreneurs with their business accounting. In the past few years the US and Canada has seen a large demand from businesses who are into producing and selling Cannabis. They have run into various roadblocks that have limited their potential to grow and succeed. They have legal road blocks because of Sec. 280E. This code takes away deductions or credits for businesses that carrying on a trade or business if such trade or business which consists of the trafficking in controlled substances. Marijuana is being slowly allowed on the state level, but is still a Schedule I controlled substance affected by such regulations. The businesses are being provided generic accounting services which are exposing these companies to unnecessary liabilities. The tax rate of 70% being paid by Cannabis companies are the highest in the US from the state and federal level.
Cannabis businesses have found it difficult to be properly serviced in these critical areas such as banking, accounting, and legal. We took our time to learn about this industry and create specific accounting systems and procedures that help cannabis companies stay compliant throughout the US. Due to the specialized knowledge required we created our own green division within IATC that assist businesses within the cannabis arena. If you have a cannabis company and need expert help IATC Inc. is the company for you. Call us today at (202) 780-4494.