09/02/2021

Rachel Gillette Discusses How Cannabis Businesses can Safeguard Tax Records on Plant Problems Podcast

Holland & Hart partner Rachel Gillette, leader of the firm’s cannabis industry group, joined the Plant Problems Podcast’s 100th episode with host Tony Frischknecht, to discuss the unique tax challenges cannabis businesses face with 280E, and proactive measures businesses can take to avoid assessments and penalties from an IRS audit. “Audits are going to be a regular occurrence in the cannabis industry,” Rachel explains. “If you get audited, it can save you so much money if you have good documentation. I like to look at things from a dollar perspective, ‘Is this going to save my client money at the end of the day?’ Good record keeping does. Filing on time, paying on time and all of those things are going to save you lots and lots of money.” The episode aired September 1.

Listen to the full podcast here: How You Can Fight Back Against The IRS With Rachel Gillette.

The Plant Problems Podcast takes a different approach to cannabis than what you’re seeing and hearing from the mainstream media. Hosted by Tony Frischknecht, the podcast provides high level information to help you understand the business more and make your decision on the direction you want to take, breaking down the myths of the cannabis industry along with shedding some light on the opportunities in the industry.

A leading cannabis-focused lawyer, Rachel helps clients nationwide proactively plan and implement strategies to capitalize on strategic business opportunities. Rachel knows how state and local provisions will be applied in practice and what clients can anticipate at every step of the licensing process and beyond. She vigorously protects clients’ interests in tax audits and deficiency assessments at the state and local level, as well as IRC §280E adjustments.

Holland & Hart’s multidisciplinary Cannabis industry team leverages deep expertise in a variety of highly regulated areas to holistically support the legal and business needs of clients operating, developing products, investing, or evaluating potential opportunities in the rapidly-evolving industry.

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