SERVICES

THE RIGHT ACCOUNTANT FOR THIS INDUSTRY MUST: 

 

  1. Have a strong understanding of the various entity types within the industry and their specific needs and how to best set them up to maximize deductions and keep them compliant

  2. Be fully versed in cost and accrual accounting (a requirement to effectively maximize cost of goods sold)

  3. Have the right tools to do proper bookkeeping and reporting to both the IRS and the state

  4. Have an understanding of how to prepare correct monthly reports so you are always
    AUDIT, LENDER, and INVESTOR ready

  5. Have a thorough understanding of IRS code 280E, 471, and applicable court cases!

  6. Provide guidance on how to not be a victim of the Tax Courts


 

In the landmark case of Alterman vs. Commissioner, a dispensary was denied otherwise acceptable deductions because the books were not in compliance and they did not have proper internal controls. They had to pay tax on all the deductions that were thrown out, plus penalties, plus interest. This dispensary is now defunct and the owners bankrupt. This is a testament to the extreme value in proper accounting and regulatory compliance.

 

Without proper accounting and entity design, you are allowing the IRS to take advantage of you, your business, and your wallet.

SERVICE OFFERED

Organizational Consulting:

  • Entity Structure

  • Organizational Structure

  • Vertical Integration

Accounting:

  • Bookkeeping consistent with GAAP

  • Internal Controls

  • Cost Accounting to maximize COGS

  • Inventory Reconciliation

  • Monthly financial statements

  • Section 280E

Business Tax Compliance:

  • Local, city, state sales and excise tax

  • Business personal property tax

  • Payroll tax

  • Federal and state income tax

  • Tax agency audits

  • Tax credits

  • Franchise tax

  • Year end 1099s - Misc,Interest,Dividends

  • FinCEN filings for cash over 10k

Businesses Served

  • Cultivators/Producers/Growers: Cannabis & Hemp

  •  Manufacturers/Processors: Cannabis & Hemp/CBD

  • Retail/Dispensaries:

  • Cannabis/CBD/Psilocybin

  •  Testing Labs

  •  Ancillary Commerce

  •  Distributors