Our Mission
Our mission is to help Cannabis owners save money! We accomplish this through a myriad of ways that includes strategic tax planning, proper GAAP cost accounting, and comprehensive back up documentation and work papers. Your success is our success! Our goal is to exceed your expectations through our qualitative expertise and outstanding customer service in the cannabis space.
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Tax Planning and Preparation
• The Canna CPAs looks for opportunities to save taxes within the confines of IRC 280E.
• We have the knowledge and know how to properly and efficiently prepare tax returns for the cannabis touching entity. These tax forms include: 1040 with Schedule C , 1120, 1120S and 1065.
• Our Cannabis Accountant firm assists with State Sales Tax and State Excise Tax.
• Our Cannabis CPA practice helps with choosing the appropriate business structures and facilitates these business formations for you.
• We are an integral part of assisting you with modifying and developing Systems, policies and procedures
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Accounting & Bookkeeping
• GAAP Cost Accounting is required to be consistently performed in order to allocate and maximize your deductions. The Canna CPAs know how to efficiently utilize this for the cannabis touching client. Our Cannabis CPA firm knows how to properly allocate indirect costs to Cost of Goods Sold pursuant to IRC 471, so that your business will be afforded the maximum deductions allowed by law to lower your taxable income and lower your taxes!
• Our cannabis CPA firm can perform your cannabis bookkeeping or alternatively, we can review your cannabis bookkeeper’s work and make the necessary adjustments to facilitate proper Cost Accounting to allow for the maximum allowed deductions.
• The Canna CPAs offers full service payroll services with an added Human Resources touch. We can help you delineate the proper job functions and set up a daily process to document this, so that many salaries will be allocable to Cost of Goods Sold legally to increase your deductions and lower taxable income.
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IRS Cannabis Audits & State Cannabis Audits
• For over 20 years we have been representing taxpayers before the Internal Revenue Services. The combination of our audit experience and expert knowledge with IRC 280 E enables us to afford you the best representation for any IRS cannabis audit.
• Our Cannabis Accountant firm prepares and maintains meticulous records and corroborate these with our workpapers. There is a sound basis with back up documentation to evidence how we legitimately allocate your Cost of Goods Sold deductions pursuant to Internal Revenue Code 471 that governs this.
• Many Cannabis businesses are forced to go without banking. We ensure compliance with the use of IRS Form 8300, which is the form used to report cash transactions of $10,000 or more.
•The cannabis industry is statistically more likely to get audited and possesses a significantly higher risk than other types of businesses. We understand this and our policies and procedures minimizes your risk of the IRS disallowing deductions.
• State tax compliance is our priority. The IRS is also more likely to pursue an audit if you violate the State law!
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CFO & Consulting
• The Canna CPAs can assist you within the capacity of a Chief Financial Officer. These functions may include: financial planning, understanding of your indigenous financial workings, management of financial risks, cash flow management, budgeting and rolling forecasts. We also can perform ROI analyses and monitor key performance indicators.
• Our first step in assisting would be through a thorough IRC 280E analysis of your business. We are always eager to consult with our clients to offer suggestions to meet the cannabis owners’ financial and compliance objectives. We want to help you in every step and in every way for all matters that affects your financial peace of mind.
• We consistently train and educate your staff on business operations and accounting to help maintain compliance.
• Our cannabis accountant firm is affiliated with a network of professionals who can assist you with legal matters, licensing applications and technical assistance in your industry so that you can truly be the master in this space.
HOW THE CANNA CPAS CAN HELP YOU NAVIGATE 280E
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