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Cannabis CPA, CFO, Bookkeeping & Accounting Firm - TheCannaCPAsCannabis CPA, CFO, Bookkeeping & Accounting Firm - TheCannaCPAsCannabis CPA, CFO, Bookkeeping & Accounting Firm - TheCannaCPAs
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IRS Cannabis Audits

rescheduling delayed
29 Aug 24

DEA mentions plans to begin rescheduling of cannabis after the election

The DEA’s Rescheduling Plans: A Game Changer for the Cannabis Industry? The DEA plans to start rescheduling cannabis after the election, and this decision could be monumental for the cannabis industry. With a long-standing classification as a Schedule I drug, marijuana has faced stringent federal restrictions that have stifled growth…
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reconciling sales reports
12 Feb 24

The Crucial Role of Reconciling Sales Reports with a Cannabis CPA

A Dispensary Owner’s Guide to Reconciling Sales Reports For dispensary owners navigating the intricate landscape of the cannabis industry, accurate financial management is paramount to success. Among the many financial tasks, reconciling sales reports stands out as a critical practice. In this in-depth article, we explore the importance of reconciling…
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preparing for an audit as a dispensary
22 Jan 24

Cannabis Dispensary Audits: Preparation and the Role of The Canna CPA

How to Prepare for a Cannabis Audit Running a cannabis dispensary comes with its unique challenges, and one concern that often looms over dispensary owners is the possibility of facing audits. Regulatory bodies closely scrutinize cannabis businesses to ensure compliance with ever-evolving laws. This article explores the likelihood of cannabis…
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cfo services
01 Jan 24

Why January CFO Services are Crucial for Cannabis Business Owners in 2024

Getting Your 2023 Taxes Done Correctly is Important for Cannabis Business Owners As the cannabis industry continues to grow and evolve, so do the complexities surrounding its financial landscape. For cannabis business owners, staying ahead of tax regulations and optimizing financial strategies is imperative. Engaging the services of a Chief…
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state taxes
31 Oct 23

Understanding Federal and State Taxation in the Cannabis Industry

Navigating the Maze of Taxation Navigating the complex landscape of taxation is a significant challenge for cannabis businesses operating in the United States. The cannabis industry is unique in that it must contend with both federal and state tax regulations. In this blog, we will delve into the intricacies of…
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exit planning
31 Jul 23

Exit Planning for Cannabis Businesses: Securing Your Future Success

For cannabis entrepreneurs seeking to exit their businesses, strategic planning is essential to ensure a smooth transition and maximize value. At The Canna CPAs, we are certified exit strategists specializing in the cannabis industry, and we can help guide you through the process with a comprehensive approach. Our seven-step exit…
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edmusnson vs commissioner
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…
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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…
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