The 280E Audit Readiness Plan™

280E Audit Readiness Plan™

The road to IRC 280E audit readiness begins with the Three Ps - Policies, Procedures and Processes and a personalized 280E Audit Readiness Plan™. The IRS Audit Readiness Plan™ focuses on cannabis business operations and implementing audit-ready policies, procedures, and business processes across the organization. Having written policies and procedures as well as business processes that identify internal controls shows an IRS auditor, potential investor, or potential buyer that the business owner is serious about the accounting and reporting function and how it integrates with the entire cannabis business operation.

What Do You Get with the 280E Audit Readiness Plan™

• Detailed analysis of the current state of your cannabis accounting operations.
  • A review of the cash management processes and procedures, inventory management processes and procedures, and IRC § 280E compliance.
• Cash Management Plan (if applicable)
  • Standard Operating Procedures (SOP) for unbanked cannabis business.
  • Business Process Design - process documentation that includes the internal controls associated with the cash management process that is IRC 280E compliant.
  • Optional: Assistance training management on the policies, procedures, and processes.
• Inventory Management Plan:
  • SOP specifically for your cannabis business type - dispensary, grow, manufacturer, or vertically integrated business.
  • Business Process Design - process documentation that includes the internal controls associated with the inventory management process that is IRC 280E compliant.
  • Optional: Assistance training management on the new policies, procedures, and processes.
• Document Retention System - recommendation for setting up, gathering and storing documents that will help your business organize important documents as well as keep track of supporting documentation for various transactions.