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How Do I Forecast with Tax Code 280E?

CFO Share

The difference between cost of goods sold and ordinary business expenses is well defined in Generally Accepted Accounting Principles (GAAP) but routinely ignored by small business bookkeeping services. Even worse, an IRS income tax return does not follow the same rules as GAAP. What cannabis expenses are deductible under section 280E?

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Richard Buckley joins vcfo Austin as Consulting CFO

VCFO

Buckley is a highly accomplished CFO, overseeing finance, operations, IT, and HR in areas such as domestic and international manufacturing and distribution, SaaS, retail, healthcare, nonprofit, and service companies worth from $2M to $25B. Richard recently relocated to Austin to spend time with his children and grandchildren.

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Alibaba’s Annual Active Consumers On China Marketplaces Hits 742M

PYMNTS

The firm reported annual active consumers on its China retail marketplaces hit 742 million in the quarter concluding June 30 compared to 674 million for the same quarter in 2019, marking an approximately 10 percent increase. As for its overall results, Alibaba reported non-GAAP net income of $5.6 earnings per share on $21.34

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Foot Locker’s Sales Spike Is Good News For Nike 

PYMNTS

Good news from athletic retailer Foot Locker looks like it’s good news for shoe giant Nike as well. So does recent good news from sporting goods retailer Hibbett Sports , which also reported that it expected comparable store sales to rise more than 70 percent for Q2. Both companies stocks rallied on Monday (Aug. The stock is up 75.68

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Fitbit Sells 6M Wearable Devices In Q4 Amid Pending Google Acquisition

PYMNTS

As it sold more wearable devices and average selling price fell, which was driven by more affordable devices as well as higher promotions, Fitbit reported a non-GAAP net loss of $31 million for the fourth quarter. International revenue fell 7 percent year-over-year to arrive at $226 million. revenue dropped 16 percent to $276 million.

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FedEx Eyes B2B Growth In Health As Ground Hit With ‘Peak-Like’ Residential Volume

PYMNTS

As retailers shuttered their physical stores during the coronavirus pandemic and eCommerce adoption accelerated, FedEx Corporation ’s commercial business-to-business (B2B) volume fell in the U.S All in, FedEx reported adjusted non-GAAP revenue of $17.4 billion and adjusted non-GAAP diluted earnings per share (EPS) of $2.53

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UPS Says Residential And Medical Deliveries Boost Q2 Results

PYMNTS

GAAP results included a pre-tax charge of $112 million, equivalent to $0.10 In the prior-year period, GAAP results included a pre-tax charge for transformation costs of $21 million, equivalent to $0.02 At the same time, adjusted operating profit was $2.3 billion, up 7.4 percent compared to last year’s Q2. per share, an 8.7

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