At Puff Puff Accounting, we offer a full range of tax and accounting services, including tax planning and preparation, financial reporting, bookkeeping, and more. We work with cannabis cultivators, manufacturers, distributors, and retailers to help them stay compliant and minimize their tax liabilities. https://www.bookstime.com/ Marcum is one of the largest independent accounting and advisory firms in the country, ranked among the top 15 nationally. Marcum’s Cannabis Services Group provides support, objectivity and experience to operating cannabis businesses and those planning to enter and succeed within this emerging industry.
The Green Leaf CPA
The entities falling under the Cherry Bekaert brand are independently owned and are not liable for the services provided by any other entity providing services under the Cherry Bekaert brand. Our use of the terms “our Firm” and “we” and “us” and terms of similar import, denote the alternative practice structure of Cherry Bekaert LLP and Cherry Bekaert Advisory LLC. We blend our extensive tax, accounting and financial advisory knowledge with industry expertise to give you a cannabis accounting best-in-class cannabis accountant experience. Ganjapreneur hasn’t worked with each service provider directly, but all of these businesses are active, cannabis-friendly providers in the industry. We encourage you to connect with multiple different accountants on this list in order to determine the best one for you. Remind your client how outsourced professional bookkeeping services will bring them confidence in compliance and significantly help boost their growth potential.
Alaska House Passes Cannabis Industry Tax Reforms
- Further, it does not give personalized legal, tax, investment or any business advice in general.
- As of 2022, medical marijuana use is legal in 38 U.S. states, and 17 states plus the District of Columbia also allow recreational use for adults.
- Business owners in this space are met with both great opportunities, as well as genuine uncertainty surrounding regulatory requirements, complex compliance tax planning and technical accounting matters.
- And while hemp-based CBD products are federally legal, some states still ban them.
- Keep reading for a run-down of cannabusiness-specific best practices and an overview of critical legislation items.
In cannabis, you start with a raw material which is a seed or a clone, and the cost of this raw material is often $0 (or very little). From there, many clients have a process that is 4-6 months to get this seed to actual sale including growing, replanting, flowering, watering, light issues, harvesting, drying, curing, lab testing, and finally ready for sale. Whether you’re a startup or an established cannabis business, we can provide the expertise and guidance you need to succeed. Contact us today to learn more about how we can help your business thrive in this exciting and rapidly evolving industry. Department of Justice (DOJ) issued guidance commonly known as the Cole Memorandum. While the memorandum did not legalize cannabis federally on any level, it did allow for the exercise of investigative and prosecutorial discretion in connection with marijuana businesses operating in states that have legalized its use.
How Does Cherry Bekaert Help?
Banking – establishing relationships with financial institutions able to transact business within the cannabis industry. Your cleanup responsibilities will include reviewing all legal and financial contracts and ensuring the current business registration and license. You’ll also track all invoices and receipts, organize historical data into financial statements, prepare historical tax returns, and implement accounting systems and software. Additionally, expect to conduct account reconciliations, prepare financial reports, organize the books and records, and more. The best accountants for your business have a proven, verifiable track record in the cannabis industry.
Meet the Team
At Anders, our technology advisors can work directly with your IT team to supplement expertise and save overhead costs, or act as your entire outsourced IT department and helpdesk. We can fill in the gaps your company has in network and server monitoring and maintenance, Microsoft licensing, CIO-level strategy, helpdesk outsourcing and other IT advisory services as needed. Through financial statement audits, reviews and compilations, our audit and assurance advisors help cannabis businesses strengthen internal controls and identify areas to improve operations. Marcum was among the first national accounting and advisory firms to establish a practice dedicated to serving the cannabis industry.
- Any cost which (but for this subsection) could not be taken into account in computing taxable income for any taxable year shall not be treated as a cost described in this paragraph.
- Our nationally recognized cannabis accounting and consulting team has supported dozens of large cannabis companies with a full range of services.
- Also, think about what the client would pay an in-house professional bookkeeper.
- Responsibilities for federal tax include prepping and filing returns, advising on tax reduction strategies, protecting the company from paying unnecessary taxes and fees, and fixing tax return filing issues.
- Has put together an ebook just for you, the Cannabis accountant and business owner, to understand the ins and outs of Cannabis accounting, including tricky terms and processes you find hard to wrap your head around, such as COGS, 280e, phantom income, inventory counts, and more.
- For example, a $3 million business should afford to pay you $60 to $75k for this job.
- Additionally, most set up complex multi-entity structures, use cost and consolidated accounting, and have complex inter-company transactions.
Optimizing Deductions.
Choose us as your cannabis CPA and Cannabis CFO!
service packages for cannabisbusinesses of all sizes
IRS campaign to focus on Puerto Rico Act 22
