Cannabis
QSBS Planning for Cannabis Businesses Seeking Stronger After-tax Outcomes
How early structure decisions and ongoing compliance can help cannabis operators exclude millions in federal taxes during business exits.
As changes continually grow more complex, Alexander, Aronson, Finning & Co., P.C. (AAF) is committed to keeping you informed of the latest news. Beginning January 1, 2011, your costs for over-the-counter drugs will no longer qualify for tax-free reimbursement from flexible spending arrangements, health reimbursement arrangements, health savings accounts, and medical savings accounts unless a prescription is obtained.
How does this affect you?
Depending on your medical needs and plan balance, you may want to schedule purchases of non-prescription drugs before the end of 2010, if allowed by the employer’s plan. You may also want to consider adjusting future contributions to the plan accordingly.
If you have any questions about this change, please call a member of our team. We are here to help!
Sincerely,
Your Friends at Alexander, Aronson, Finning & Co.
P.S. If you have business associates and friends who might be interested in this topic, please feel free to share this with them. We do appreciate referrals.
