With age comes wisdom. Have you ever told yourself “If I knew then what I know now, I would have made different and potentially better decisions"? The truth is you don’t know what you don’t know…until you find out. Many business owners simply don't know they are already 'sitting' on a large check that they can't deposit yet, especially with the recent change in legal status for hemp businesses given the passage of the Agriculture Improvement Act of 2018. Sean Covi's efforts help many business owners, including cannabis, keep more of what their business already earns.Some businesses are not aware of areas where they are wasting a lot of money and Sean doesn't expect them to take that suggestion on faith. His team will demonstrate it and recover the excess for the business. Savings often can be tens or hundreds of thousands of dollars, potentially more for large businesses. Sean works with businesses and their tax planners to help them implement underutilized expense controls that reduce tax and operational costs with an emphasis on improving profit and financial performance. The strategies he brings are often overlooked by CPA's because they are not directly accounting related, they may not know which programs are allowed within the parameters of code section 280E or in the case of hemp they are no longer bound by CSA schedule I or 280E, so many business owners don't even know such tools exist to save them money.View the profile
About the talk
The passage of the 2018 Farm bill has removed hemp from Schedule I of The Controlled Substances Act which means hemp businesses no longer traffic in a restricted substance and code section 280E no longer restricts hemp businesses from taking tax deductions outside of COGS. Most tax breaks common to other industries are now available to hemp businesses (rent, payroll, operations) and are easily handled by their accountant or CPA, however there are several specialized areas that many CPA’s do not work in because the effort to gather and document necessary data is not accounting related. Hemp businesses will want to become knowledgeable about these specialized tools and strategies so they can include their accounting specialist as part of a team approach to maximizing profit and potentially increasing valuation multiples. The areas to be included in this session include:
- Research & Development Tax Credit
- Engineering Based Cost Segregation
- Property Tax Mitigation
- Worker Opportunity Tax Credit (WOTC)
- Captive Insurance Companies
- Engineering Based Utility Sales Tax Exemption
- Corporate Finance Arm funded with tax savings from business operating profit
Sean Covi educates businesses within and outside of the cannabis/hemp industry on these topics as they are specialized and not typically handled by CPA’s in most industries. The recent change to tax law for hemp means that many CPA’s and hemp businesses are even more likely to not know about these tools, let alone how to get the most value out of them. Learn more about keeping more of your profit in this session.
Do CBD history 00:00 because of 280 and the tax laws and so 00:05 last year. I was following the farm bill before it's past and saw that it had the potential to remove 00:14 from schedule 1 and therefore remove to a TV which is a golden section which allows or disallows businesses from taking tax deductions. So 00:24 I saw that coming and if this really happens there's going to be a need for some of the ideas that I've been sharing with businesses and other 00:34 Industries for decades, so intact mitigation for this week. I saw this coming and decided 00:42
you know, what Imma spend more time getting to know this industry figuring out. Is there a need for the ideas that I can share and what does that 00:52 means look like so something happened to my journey with CBD about two years ago. My wife. I 00:59 had bought some CBD because our children were having trouble sleeping having some anxiety. This is supposed to help them. So we'll try so I 01:09 did and I'm skeptical person. I took maybe 25 mg under my tongue 01:18 and then the next morning it didn't help me sleep at all. This stuff doesn't work. What's going on? Right one dose one time that that was my highly 01:28
scientific of So fast forward in January of this year 2019, my wife was diagnosed with stage 3 pancreatic 01:37 cancer. So the day after Her diagnosis. 01:47 I haven't even seen any number my business does Financial work in the CBD company and they brought me in because of the farm bill is passed into the 01:57
With ConferenceCast.tv, you get access to our library of the world's best conference talks.