Financial Operations Insights, Guides, and Tools
CFO or Controller: Which is Right for Your Cannabis Business?
Month-End Closing Checklist for Cannabis Operators
Seven Strategies to Reduce Cannabis Labor Costs
The Benefits of Outsourcing Your Cannabis Accounting
Financial Red Flags: Eight Signs it is Time to Switch Accountants
Form 8300: Everything Cannabis & Hemp Operators Need to Know
When handling large amounts of cash, optimal Form 8300 processes are a must have. We walk through everything cannabis and hemp operators need to know.
Unlocking Capital for Hemp CPG Brands: A New Era of Financial Opportunity
A new lender is offering robust working capital loans to hemp CPG brands. Check out the terms and qualifications to see if your hemp brand qualified.
Managing Common Software Issues in Cannabis Accounting
Software issues are common in cannabis accounting. Sometimes, the errors are human, others are technology-related, but there’s always a solution or workaround. Even when everything seems like it’s falling apart, there’s usually a simple explanation. Keeping a cool head is essential as it will help you stay calm, identify the issue, and get back on track before anyone loses their mind.
How Tech Can Help Keep Your Books in Order
If you’re still using Excel spreadsheets, we see you. Even if you’re using basic accounting software, you might miss out on some opportunities to cut your workload, automate processes, and generally make light of your financial life.
Avoiding IRS Headaches: The Role of Accurate Record-Keeping in Tax Compliance
Cannabis businesses in the US face an uphill battle with profitability, largely because of restrictive tax laws gripping the nascent industry. Until the FDA reschedules, cannabis companies will be under a microscope. Accurate record-keeping is essential, not just to maintain compliance but also to enable more accurate business planning and attract investors.
IRS Audits Explained
Anyone who files taxes likely bristles at the utterance of the word “audit.” While cannabis companies tend to attract more scrutiny than other businesses, it doesn’t have to be a horror show.
Understanding the Importance of Clean Books
Business owners understand the need for meticulous financial management. Maintaining your books is an ongoing process that has many benefits. In addition to having a better grip on your cash flow, it simplifies compliance, audits, and tax filing.
But what does it mean to have “clean” books?
Tax Tips for Running a Business
Launching a new business is an exciting move. It can be massively rewarding, too, helping you bring your dreams to fruition and affording you incredible financial freedom—if you do it right. Fortunately, with some knowledge and planning, it’s possible to mitigate all that stress so you can get back to doing what you love to do… and we know that’s not taxes!
Unlocking Potential with 280E Assets for Cannabis Business Exits
While cannabis companies may be restricted in many ways, leveraging certain assets can help to recover costs and potentially reduce tax liability.
ESOP for Cannabis: A Hot Exit Strategy with Misleading Tax Claims
A few of my clients have mentioned receiving emails about Employee Stock Ownership Plans (ESOPs) for cannabis companies, touting it as a strategy to pay no federal or state taxes. This statement is hugely misleading as you can’t avoid tax—it can only be deferred, meaning you’ll have to pay eventually. That being said, ESOP is an excellent exit strategy… with a few caveats.
Cannabis Rescheduling: What Happens Next with 280E?
Will they, or won’t they? We’re all waiting on pins and needles to find out whether the DEA will agree to reschedule cannabis to Schedule III from where it currently resides at Schedule I.
Understanding the IRS Disaster Tax Relief Program
In light of the devastating fires and other disasters we’re experiencing in California, many businesses may be poorly positioned to carry on business as usual. Fortunately, there is a grain of good news to share that may ease the way forward.
Navigating Cannabis: Essential Tax And Accounting Guidelines
Navigating the complex world of cannabis accounting can be a daunting task for many business owners in the industry. With the ever-changing regulations and financial nuances, understanding the role of a Cannabis Certified Public Accountant (CPA) is crucial.
IRS Audit Triggers
The cannabis industry is booming, but with growth comes increased scrutiny from the Internal Revenue Service (IRS). Understanding IRS audit triggers is crucial for cannabis businesses to remain compliant and avoid hefty penalties.
What Cannabis Companies Need to Know About 280E
In the rapidly evolving world of cannabis, businesses face unique challenges, especially when it comes to taxation. One of the most significant hurdles is navigating Section 280E of the Internal Revenue Code.