OUR KEY SOLUTION BENEFITS:

I AM BEING AUDITED. WHAT DO I DO?

  • Advice to reduce IRS exposure
  • Let us handle the IRS
  • IRC 280E technical experts
  • Chart of account and accounting systems to document your expenses and sales
  • Tax planning
  • Compliance checks 
  • Accounting and Legal horsepower
  • Litigation services if required
  • Negotiation experience with the IRS
  • Give us a call at (916) 292-9412
  • Have our firm handle all communications with the IRS. 
  • We will review your records and assist in preparation for the audit
  • Accounting records with full support will lessen the exposure
  • Do not wait until the IRS auditors arrive
  • Act professional with IRS personnel
  • Be prepared to answer tough questions
  • We can calculate potential exposure

HOW WE CAN HELP:

IRC 280E:
LAND MINE USED BY THE IRS

  • The Firm has decades of accounting experience
  • Mr. Homayouni has both Public and Private practice
  • ​280E is complex and is being aggressively used by the IRS
  • IRC 280E works in tandem with Treasury Regulation 1.471 and full absorption accounting
  • The IRS is attacking with three prongs (i) IRC 280E, (ii) failure to file Forms 8300 and Failure to file Forms 1099
  • All three prongs can put a cannabis entity out of business
  • Call now for a free consultation
  • Tax Levies & Liens
  • Wage Garnishments
  • Penalties and Interest
  • Tax Negotiation and Settlement
  • Reduce IRS Tax Debt
  • Resolve Back Taxes 
  • IRS Audit Defense
  • Payroll Tax Negotiation
  • Negotiation experience with the IRS
  • Offers of Compromise to Settle Back Taxes

More than 6% of operational cannabis companies surveyed by Marijuana Business Daily said they have been audited by the Internal Revenue Service, which suggests that the industry faces more scrutiny on the tax front than other sectors. Testing labs reported the highest rate, with roughly 13% saying they have been audited, followed by dispensaries/recreational cannabis stores (nearly 8%) and ancillary companies (6%). Wholesale growers reported the lowest rate, with just 2.9% of those who responded to the survey saying they have been audited. The IRS reports that it audited about 1.4% of all U.S. businesses in 2014, which is actually down from previous years due to budget constraints.

Do you need IRS audit help because your tax returns are being audited?

If you are the subject of an audit, it's important to seek IRS audit representation as soon as possible. Unless you have studied tax law or have been audited previously, you probably have no idea how an audit works. Audits typically start with the IRS asking for documents and other information that support your filed tax returns. Your IRS tax audit representation will advise you to give the information in a well-organized package that is annotated with explanations. After the audit is completed, the IRS will present you with an outline of its findings and proposed results – chances are this means that you will owe more money. This is where your tax audit representation can help you contest the findings. Contact us confidentially today at (702) 250-5608 or fill out our contact form to schedule a free initial consultation. We encourage you to contact us as soon as possible as there are deadlines on all audit cases.

Is a Cannabis Business More Likely yo Be Audited?
SHORT ANSWER: YES

More than 6% of operational cannabis companies surveyed by Marijuana Business Daily said they have been audited by the Internal Revenue Service, which suggests that the industry faces more scrutiny on the tax front than other sectors. Testing labs reported the highest rate, with roughly 13% saying they have been audited, followed by dispensaries/recreational cannabis stores (nearly 8%) and ancillary companies (6%). Wholesale growers reported the lowest rate, with just 2.9% of those who responded to the survey saying they have been audited. The IRS reports that it audited about 1.4% of all U.S. businesses in 2014, which is actually down from previous years due to budget constraints.