Maxmizing cost of goods sold services
Reduce Your Tax Liabilities by Maximizing Cost of Goods Sold
As part of our maximizing cost of goods sold services, Aura Advisors works with your organization to review the existing chart of accounts and current COGS methodology, then work to implement a COGS strategy under IRC 471 that is in line with IRC 280E. We help reallocate costs below the line to COGS, thereby minimizing federal tax liabilities.
It’s always easier to have proper internal documentation in place before you’re audited. Ensure you don’t need to hunt for documentation or compile reports on the fly in the event of an audit by working with Aura Advisors.
We work with your C-level executives and bookkeepers to establish a robust accounting method and disclose any required tax positions on returns (via Form 8275) to help with taxpayer protection in the event of an IRS audit.
Who Benefits from Maximizing Cost of Goods Sold Services?
Any cannabis organization selling products should consider maximizing cost of goods sold services in advance of a taxing authority audit. At Aura Advisors, we specialize in helping cannabis companies proactively optimize their cost of goods sold.
“Dana and her Team have provided invaluable service for multiple complex entities over the last 4 years. From detailed guidelines, strong mentoring of accounting practices & follow through; keeping us updated on critical deadlines. I appreciate the candid and timely responses she always provides.”
J.M., CFO of Cannabis Companies