Blog Archives - Page 10 of 13 - Cannabis CPA, CFO, Bookkeeping & Accounting Firm

24 Jul 23

Underscoring Proper Record Keeping for Cannabis Businesses

Cannabis businesses are subject to unique legal and regulatory requirements, and proper recordkeeping and accounting are essential for success in this industry. In this blog, we will explore the importance of proper recordkeeping and accounting for cannabis businesses. Compliance with Regulations Cannabis businesses are subject to a range of state…

17 Jul 23

Management Companies for Cannabis Businesses and Alternative Health Care v. Commissioner

As the cannabis industry continues to grow and evolve, businesses are faced with unique legal and regulatory challenges. One area that has gained attention is the use of management companies to provide services to cannabis businesses. While the use of management companies may seem like a viable option, there are…

10 Jul 23

Edmunson VS Commissioner

Edmundson v. Commissioner is a landmark case in the history of US tax law. The case involved Jeffrey Edmundson, who was in the business of selling amphetamines, cocaine, and marijuana. The IRS assessed his income when he was arrested for drug trafficking. Edmundson claimed that he was entitled to certain…

accounting for cannabis touching businesses

03 Jul 23

IRC § 280E & Cannabis-Touching Businesses

As the cannabis industry continues to grow and evolve, it’s important for businesses in this sector to understand the unique tax implications they face. One of the most significant tax regulations affecting cannabis businesses is Internal Revenue Code (IRC) 280E. This regulation prohibits businesses from deducting expenses related to the…

29 Jun 23

The Marijuana Industry’s Growth Demands Better 280E Tax Compliance and Guidance

Marijuana, classified as a Schedule I controlled substance under the Controlled Substances Act, faces unique challenges in the business world. One major hurdle is the limited banking access for marijuana businesses. Moreover, these businesses are subject to a specific tax provision, Internal Revenue Code (I.R.C.) Section (§) 280E, which prevents…

26 Jun 23

How Cannabis Companies Can Avoid an IRS Audit

Avoiding an IRS Audit As a cannabis business owner, the last thing you want is to be hit with an IRS tax audit. Audits can be time-consuming, costly, and stressful, and they can also damage your business’s reputation. Fortunately, by working with an experienced and expert cannabis CPA firm, you…

19 Jun 23

Why Cannabis CEOs Should Only Work With A Top-Notch Cannabis CPA Firm

Why should you hire a Cannabis CPA? As the cannabis industry continues to grow, so does the need for specialized financial services. One crucial aspect of this is working with a cannabis-focused CPA firm. While any CPA firm can technically work with a cannabis business, there are several reasons why…

08 Jun 23

The Challenges of Accounting for Cannabis Dispensaries

Accounting for Cannabis Dispensaries Cannabis businesses are becoming increasingly popular across the United States as more and more states legalize its use for medical and recreational purposes. However, with the growth of the industry comes unique challenges for accounting professionals, particularly for those working with cannabis dispensaries. From cash control…

cannabis leaf with scarcity of banking in the cannabis space written

02 Jun 23

Scarcity of Banking and the Cannabis Space, the Importance of Proper Recordkeeping

Running a cannabis business is not for the faint of heart. With the constantly evolving regulations, shifting market dynamics, and the unique challenges that come with being a cash-only business, it’s no surprise that many cannabis entrepreneurs struggle to keep up. One of the biggest challenges faced by cannabis businesses…

22 May 23

Why is Federal Bankruptcy Not Allowed for Cannabis Businesses

The cannabis industry faces unique challenges when it comes to financial management, including the inability to discharge debt through federal bankruptcy due to marijuana’s federal illegality. This issue is a significant concern for cannabis businesses, as it can make it much more challenging to manage debt and financial obligations effectively.…

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Underscoring Proper Record Keeping for Cannabis Businesses

Management Companies for Cannabis Businesses and Alternative Health Care v. Commissioner

Edmunson VS Commissioner

IRC § 280E & Cannabis-Touching Businesses

The Marijuana Industry’s Growth Demands Better 280E Tax Compliance and Guidance

How Cannabis Companies Can Avoid an IRS Audit

Why Cannabis CEOs Should Only Work With A Top-Notch Cannabis CPA Firm

The Challenges of Accounting for Cannabis Dispensaries

Scarcity of Banking and the Cannabis Space, the Importance of Proper Recordkeeping

Why is Federal Bankruptcy Not Allowed for Cannabis Businesses

Do Cannabis Delivery companies need a 280e accounting firm?

Do hemp beverage companies need a Cannabis CFO?

280-E Accounting for Minnesota Cannabis Companies

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