A Bookkeepers Guide to Cannabis Accounting
Cannabis companies are highly regulated highly complex organizations. These businesses need not only a higher level accountant and a tax professional, but they also need a bookkeeper to manage all of the day-to-day financial transactions that come with operating a cash-based business.
This webinar is not just for bookkeepers, as it is important for anyone that is on the financial team for a cannabis company to understand the roles and to be clear on everyone’s responsibilities. It is...
Is It Legal to Provide Accounting Services for Cannabis Businesses?
There is a thriving need for complex and accurate accounting in the cannabis industry.
While it is already legal to sell in 30 states, cannabis is still considered a Schedule I Controlled Substance under federal law. Despite how someone may personally feel on the subject, legal cannabis is a booming business segment that has a sizable need for proper accounting practices.
But is it legal? Would the risk that comes with the territory be worth putting your business at risk?
Let’s look at...
$78k in Accuracy Penalties for Cannabis Company for Poor Accounting and Record Keeping
IRS found that due to poor record-keeping, lack of check registers, no physical inventory counts, incorrect Cost of good sold allocations and much more caused $78k in penalties
The Tax Court in Alterman upheld the imposition of a 20% tax penalty on the taxpayer for the underpayment of the tax liability resulting from the deductions taken. Various medical and recreational marijuana practices have been legalized in the majority of the states but the last major hurdle, the Section 280E...
Why Serving the Cannabis Industry Can Be Dope for Accountants | GoingConcern.com
In an interview with Going Concern, DOPE CFO founders Andrew Hunzicker, CPA, and Naomi Granger, CPA, explain what common cannabis accounting mistakes CEOs make and why the industry presents a huge opportunity for accounting professionals.
To read more at GoingconCern.com, click HERE
5 Biggest Mistake Cannabis CEOS Make that Can Put Them Out of Business… Quick!
With an influx of new businesses in the cannabis space, it is easy to get caught up in the opportunity that this burgeoning market brings. As marijuana makes it’s transition from a street drug to a medicinal substance used in various treatments, to a state-legal - yet Federally classified Schedule I drug, some investors and CEOs are making the crucial mistake of not treating their investments as businesses.
Here are some common missteps that canna-business startups can avoid,...