Cannabis Industry Tax Services in Oak Brook, IL
Our tax services specialize in IRS 280E Code for Cannabis Industry taxation and allocations, so you can always stay compliant.
Expert Cannabis Industry Accounting
IRS 280E
Navigate deduction limitations
Inventory Tracking
Cultivation & processing
Licensing
Application & compliance
Cost Accounting
Cultivation operations
State Reporting
Meet all requirements
Tax Strategy
Maximize allowable deductions
Cultivation Organization Licenses
Early Adult Use Cultivation Center License
Current medical licensees only, only ones who can sell 1/1/2020. May apply within 60 days, no later than 180 days. $100K non-refundable fee. Cannabis Dev Fund Payment lesser of 5% of sales 6/1/18-6/1/19 or $750k; $250K floor. Social equity contribution lesser of 5% of sales 6/1/18-6/1/19 or $100k. May begin producing when accepted, begin selling Dec 1, 2019. Expires March 31, 2021. $100k renewal fee. Fee may be adjusted after 1/1/2021. Cannot hold ownership in more than 3. Not more than 210K sq ft per facility.
Conditional Adult Use Cultivation Center License
No financial reporting required. The top scorer, reserves the right to license if meets the conditions. Could award up to 30, currently 21 no timeline for licensing, based on discretion. $100k application fee, may be adjusted. No financial reporting required.
Craft Grower License
Up to 40 licenses by 7/1/2020. Up to 5k sq ft of flowering canopy, increased in increments of 3k sq ft up to 14k sq ft. May only hold 1 until 2nd round, cannot sell until 12/21/2021. 'Shall' by 12/21/2021 issue up to 60 additional licenses, cannot hold more than 2. After 1/1/2022 may modify or raise licenses not to exceed 150, cannot hold more than 3. $5k application fee, may be reset after 1/1/2021. $40k license fee, may be reset after 1/1/2021. $40k renewal fee, may be reset after 1/1/2021.
Other Cannabis Licenses
Infuser Organization
Up to 40 licenses by 7/1/2020, applications available 1/7/2020. By 12/21/2021 may issue an additional 60 licenses. $5k non-refundable app fee, discretionary changes after 1/1/2021. $5k license fee. No financial reporting.
Transporting Organization
Application available 1/7/2020. Application due by March 15, licenses issued by 7/1/2020. $5k fee, discretionary changes after 1/1/2021. May hold transport and other licenses. $10k license fee, prorated, may be adjusted after 1/1/2021. No financial reporting.
Processing Organization
Means a facility operated by an organization or business that is licensed by the Department of Agriculture to either extract constituent chemicals or compounds to produce cannabis concentrate or incorporate cannabis or cannabis concentrate into a product formulation to produce a cannabis product.
Cannabis Testing Facility
Licensed facilities that perform testing on cannabis products for potency, contaminants, and quality assurance. Testing labs must meet strict state certification requirements and follow standardized testing protocols. Results are critical for product labeling, consumer safety, and regulatory compliance.
Cannabis Tax Experts
Navigate 280E and complex cannabis regulations with us.
Navigating Complex Cannabis Tax Regulations
IRC 280E
Maximize allowable deductions
IL Compliance
State licensing & reporting
Cost Allocation
Inventory management
Financial Insights
Grow profitably
Multi-Entity
Cross-entity tax planning
Facility Planning
Cultivation & retail locations
Explore More Services
In addition to cannabis industry services, we offer comprehensive tax and accounting solutions for various industries.
Cultivation Organization License Services
QTA TAX, LTD provides tax, accounting, and consulting services to cannabis businesses throughout the Chicagoland area and the Midwest. We also serve real estate, law firms, and dental practices. Our services are designed to inform and guide our clients at every stage of their business's lifecycle – from start-up through dissolution, merger, or sale. From setting up accounting systems and preparing monthly financial analysis to tax planning and offering critical transactional advice, we work side-by-side with you to meet financial, business, and retirement goals.
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