CANNABIS ACCOUNTING

It’s no secret that the cannabis industry is in an arena all by itself. State government and federal law makers has disallowed traditional tax deductions and credits, for cannabis businesses. Instead, these businesses are faced with ever-changing tax laws, complex point of sale tracking and other struggles making it extremely difficult to run a successful cannabis business. Here at Cannabis Accounting Resolutions, we can help put your mind at ease, financially. Our team of experts know how to track inventory from seed-to-sale. We will account for all your transactions ethically and legally. We will show you how to reduce expenses and make sure we capture all of your Cost of Goods Sold (COGS), so we can minimize your tax liability and maximize revenue. We provide you with more than just financial numbers, we actually help you control expenses, manage cash flow to make smarter and wiser financial decisions and show you how to stay compliant with your state and federal tax laws.

Some of our Cannabis Accounting areas we specialize in, are as follows:

  • GAAP Cost Accounting
  • Seed-to-Sale tracking system reconciliation
  • Accurately setting up of Chart of Accounts
  • Assistance with entity structure formation
  • Inventory management solutions
  • Bank reconciliation
  • QuickBooks services and support
  • Implement internal controls
  • Sales tax return
  • Provide audit-ready financials
  • Record transactions

With the constant changes of rules and regulations, within the cannabis industry, you deserve a company that can speak your language. Allow our accounting service to be the resolution for managing your finances and keeping you tax compliant. If you are ready to start back focusing on your core business, give us a call now at 321-353-6877 or request your free consultation online to learn more.

VIRTUAL CFO SERVICES

Your time is valuable and should be spent focusing on the core purpose and growth of your business. When you are spending most of your time worrying about financials, cash on hand or having reports ready for a lender, it may be time to consider bringing a virtual CFO aboard. Cannabis Accounting Resolutions focuses on the accounting, finance and tax areas of the cannabis industry. We can provide affordable financial guidance to help you meet your day-to-day goals, provide accurate cost accounting and help you manage cash flow. Our virtual CFO service can help you see beyond the numbers and help you forecast for the future.

To help capitalize on your success, our staff is equipped to provide you with professional, personable and knowledgeable business analysis, along with the ability to assist in making the most informed business management decisions. Diving into your financials will be our starting point. We’ll examine your accounting operations to locate any issues and propose various strategies for resolutions. Your financial data will be presented in easy-to-read reports, so you can rectify any issues and manage your business more effectively. Working together, we will streamline internal controls that will mitigate risk, keep you state and government compliant, and keep your financials audit-ready.

Cannabis Virtual CFO services offered:

  • Month-end/Year-end accounting
  • Forecasting and Budgeting
  • Creating internal controls
  • Build KPI’s
  • Audit ready financials
  • Establishment of accounting policies and procedures
  • Capital raising
  • Cannabis Accounting/Bookkeeping
  • Planning with CPAs on yearly tax filings
  • Liaison between lenders, investors, attorneys, and banks

Let Cannabis Accounting Resolutions, be your cannabis virtual CFO. We truly understand the industry.  We service virtual CFO services for cultivators, dispensaries, manufacturers, and retailers. Call us now and find out how we can help you in this ever-growing and ever-changing industry. Call us now at 321-353-6877 or request your free consultation online.

QUICKBOOKS SERVICES

Our Accounting firm understands the success of any business depends on having access to reliable financial reports, the business owner can trust. Business owners rely on an accurate picture of their assets and expenses to make the hard business decisions and manage cash flow. Have you been too busy concentrating on your core business and have fallen behind entering data into QuickBooks? Are you having trouble categorizing your data thinking your numbers are incorrect?  We can handle this for you. This is our specialty. We are Certified QuickBooks ProAdvisors. Let us help!

Let Us Fix Your QuickBooks Data File

Our staff at Cannabis Accounting Resolutions can help with your QuickBooks file whether it is to clean up errors, identify an issue, or enter missing transactions. We can help you understand the problem and suggest how to avoid them in the future. You will be provided reports monthly or quarterly you can trust, that will make cash flow management easier for decision making purposes regarding your business.

Some of the services you can expect from us include:

  • Fix faults in your QuickBooks data
  • Correct your QuickBooks file
  • Assist in recording accurate transactions all-year-round
  • Create suitable year-end reports for cheaper and easier tax preparation
  • Diagnose QuickBooks problems, explain reasons for occurrence and answer questions

Are you ready to learn more about QuickBooks and how we can service you? If so, call 321-353-6877 to inquiry or request a free consultation online now.

NEW BUSINESS STARTUPS

Starting a business is already no easy task but starting a new cannabis business that has little to no protection or funding from the government can discouraging. One of the problems with starting a new cannabis business is, while the idea may seem to be a great one, implementation of a legal cannabis business can be overwhelming and beyond challenging. With the complexity of federal and state regulations, it is virtually impossible to stay 100% on top of everything in the accounting field, while trying to stay concurrent with the ongoing cannabis changes within your business. For this part, Cannabis Accounting Resolutions is here to help by offering services to guide you in creating the proper entity type, setting up your seed-to-sale tracking software, and helping you make sound financial decisions to keep you compliant and growing successfully.

We work with you to turn your business into a legal, tax-paying, money-making entity. Our accountants work with all types of cannabis industries including cultivators, farmers, dispensaries, manufacturers and retailers. We will be here with you every step of the way. From selecting the correct legal structure, setting up your chart of accounts for transactional purposes, and strategizing tax saving methods, to effectively managing cash flow; we cover all your bases.  We want you to stay focused on your core business and let us relieve you of financial worry. Services we offer to new business owners include:

  • Forecasting/Budgeting
  • Cost allocation
  • Cash management
  • State tax compliance
  • Tax planning and compliance
  • Creating relations with banks
  • Cannabis entity selection
  • Accounting software setup with a chart of accounts
  • Seed-to-sale POS system enactment

Ready to move forward with the success of your new cannabis business? Cannabis Accounting Resolutions is here and ready to help plant your seed of success. Call us at 321-353-6877 or request your free consultation online.

TAX PLANNING SERVICES

When it comes to taking deductions for cannabis businesses, the IRS does not make it very easy. By marijuana still being an illegal substance federally, many of the typical deductions for cannabis businesses are not available to be taken. Our company knows the tax regulations of the industry and can help minimize tax liabilities while maximizing your profits.  At Cannabis Accounting Resolutions we focus on the planning of tax strategies to reduce taxes, increase profit margins and resolve tax problems for all related cannabis industries.

More and more businesses are finding it hard to make a profit from tax liabilities. The IRS requirement states to report any income no matter the source. When working with our cannabis accounting firm, our top priority will be to make sure we capture every allowable deduction under current tax guidelines. Whether you are a grower, retailer, or dispensary of cannabis, your business falls under Section 280E of the tax code. This cannabis classification of allowable deductible expenses can be quite complicated and troublesome. You need an accounting firm that is an expert in cost accounting. By performing cost accounting, we can determine what expenses can be deducted as Cost of Goods Sold and recognize opportunities for tax savings within the margins of Section 280E. If your business gets audited, you can count on us to prove that your deductions were legally allocated and protect your business with the auditor.

Find out how to maintain compliance while saving money on taxes and protecting your assets. For more information, call us at 321-353-6877 or request a free consultation.

How we can help?

  • Minimize taxes
  • Increase revenue
  • Beat tax problems
  • Getting more profits
  • Compliance on Section 280E
  • Filing tax returns
  • Limiting tax penalties
  • Federal 280E audit representation
  • Understanding and answering IRS notices
  • Handling payroll to evade future tax problems
  • Helping with IRC section 280E taxation problems
  • Cooperation with tax attorneys specified in 280E
  • Investigation and handling of difficult tax problems
  • Avail any allowable deduction under current tax guidelines Search for:

Tax Problem Resolutions

The cannabis industry has truly seen a boost in the past couple of years and despite its massive growth, it continues to be a huge target for the IRS. Tax code Section 280E classifies marijuana businesses, as trafficking controlled substances. It disallows most common deductions and credits non-cannabis businesses can take, making the tax liabilities a huge problem. Knowing which expenses are legally deductible is the only way to lessen taxes. Make certain you have an experienced cannabis accounting firm like Cannabis Accounting Resolutions ensuring your business receives all allowable deductions and credits.

You can’t escape taxes, but you can lessen your tax liability. If your business has received an IRS audit notice don’t try to resolve it on your own, seek our assistance. We can work directly with the auditor to reduce tax penalties and provide a swift solution. You can be confident that, if necessary, we will file back taxes, negotiate a reasonable resolution and build a fair payment plan to pay off your tax debt.

For businesses operating in the cannabis industry, an audit is unavoidable. Before you receive an audit notice, contact Cannabis Accounting Resolutions LLC at 321-353-6877 or request free consultation online today.

State and 280E tax services:

  • Filing back tax returns
  • Limiting tax penalties
  • Federal 280E audit representation
  • Understanding and responding to IRS notices
  • Managing payroll to evade future tax problems
  • IRC section 280E taxation problems
  • Cooperation with tax attorneys specified in 280E
  • Investigation and handling of difficult tax problems