cannabis

monique swansen: align firm values with services | the disruptors

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the disruptors
with liz farr

cannabis accounting is not for the faint of heart, says monique swansen, owner of accounting for green, which provides accounting services to cannabis businesses. first, there’s a big inventory component, so “if you’re an accounting professional that does not want to deal in inventory, cannabis is not your space,” swansen says. cannabis inventory is further complicated by federal law, which disallows tax deductions for anything but the cost of goods sold. this means meticulous tracking of all direct costs to get the maximum possible tax deduction. compliance with state laws also requires “documentation for every single movement of inventory or money,” says swansen. banking is also challenging because “no federal banks will bank cannabis.”  

more podcasts and videos: tina mcgill: how to create lasting client impact | stefan van duyvendijk: develop operational mindset | steve evans: why traditional hiring methods fail | roger knecht: can you be an accountrepreneur? | beth whitworth: focus on outcomes not hours | mike sylvester: learn to say no | salim omar: identify your client’s $100,000 problem | jackie meyer: earn more with fewer clients | jack fleherty: don’t be a ‘yes’ person | greg adams: from finance to storytelling | the disruptors | jody padar: make radical changes now if you want to be relevant in 2030 | rebecca driscoll: amplify reach by helping other firm owners | rory henry: create the return on relationships | mike maksymiw: be the leader you wish you had | terrell turner: build a solid business showing up as yourself | kelly mann: be the bull in the china shop | alicia katz pollock: create a human-centric business |  nancy mcclelland: be the one your clients ask first |alan whitman: stop accepting the status quo | sean duncan: discover your own genius | ingrid edstrom: true wealth is not financial |

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cannabis business owners tend to know less about running a business than many other types of businesses. “so you really have to start that relationship early and really try to talk with those people and understand those people where they’re at so that you can really help them,” swansen recommends. her personal sweet spot is starting to work with cannabis businesses three to six months before they become operational. read more →

cpa andrew hunzicker creates course in cannabis accounting

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portrait of andrew hunzicker
hunzicker

“this industry is very underserved by accountants.”

by liz gold
cannabizcpa.pro

andrew hunzicker has created a course to teach other cpas, accountants and bookkeepers what they need to know to break into the cannabis industry.

more on cannabiz: jim marty: building a national cpa firm for the cannabis industry | cpa kim walker: ‘we can’t be afraid of diving into marijuana’ | a cpa’s unexpected journey into the cannabis industry | billion-dollar questions: cannabis faq for accountants | the wild world of weed: tax season never ends
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the online six-week course, dubbed the green accounting firm startup training program, launched this month and participants will learn everything from the unique pain points facing cannabis ceos to the basics of compliance and licensing. the idea is to help other accountants move into the industry.
read more →

cannabiz cpa: dani espinda chooses option number three

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espinda

building out a cannabis practice with a spin-off entity called act resources.

by liz gold
cannabizcpa.pro

cannabis cpas who are entering this booming industry usually need to figure out how to structure their practice: do they focus exclusively on cannabusinesses? just create a new niche industry practice and hope their clients won’t raise eyebrows? or, create a separate entity within an already established firm?

goprocpa.commore cannabiz for pro members: jordan cornelius: guiding cannabiz clients through minefields | a cpa’s unexpected journey into the cannabis industry | the two crippling compliance issues for cannabis industry | wayne harding: from tech boom to cannabis boom | billion-dollar questions: cannabis faq for accountants | ready or not: cpa firms find new opportunity in booming cannabis industry | america’s new breed of cannabis cpas [video] | pioneering cannabiz cpa warns: tread softly | irs section 280e & marijuana: tax limbo or hell? | the rise of a cannabiz cpa | cpa cannabiz boom | the wild world of weed: tax season never ends | what’s a cannabiz worth? ask a cpa.

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for rhodes & associates, the third option made the most sense.

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jordan cornelius: guiding cannabiz clients through minefields

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    cornelius: “i’ve seen operators get angry, cry, put their businesses up for sale.”

archaic laws and regulations plague booming new industry.

by liz gold
cannbizcpa.pro

the two biggest challenges facing businesses following the green rush in colorado today?

taxes and banking.

more cannabiz for pro members: a cpa’s unexpected journey into the cannabis industry  |  the two crippling compliance issues for cannabis industry| wayne harding: from tech boom to cannabis boom   |  billion-dollar questions: cannabis faq for accountants   |  ready or not: cpa firms find new opportunity in booming cannabis industry  |  america’s new breed of cannabis cpas [video]  |  pioneering cannabiz cpa warns: tread softly  |  irs section 280e & marijuana: tax limbo or hell?  |  the rise of a cannabiz cpa  |  cpa cannabiz boom  | the wild world of weed: tax season never ends |  what’s a cannabiz worth? ask a cpa.

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when operators first get into the industry, everybody is looking at the top line and are not too concerned with taxes, says jordan cornelius, owner of cornelius cpas in denver, colorado.

“it’s a problem, taxes are a huge deal,” he says.

read more →

pioneering cannabiz cpa warns: tread softly

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portland highway sign with marijuana leaf

cpa luigi zamarra says the industry is fraught with dangers.

by 卡塔尔世界杯常规比赛时间 research

cannabizcpa.pro

there’s a whole lot of shake-up going on in the biggest new niche in the accounting business. it’s the cannabiz—the legal planting, harvesting, processing and selling of that federally illegal substance, cannabis, whether for medicinal or recreation purposes.

more on the cannabis niche: a cpa’s unexpected journey into the cannabis industry  |  the two crippling compliance issues for cannabis industry  |  wayne harding: from tech boom to cannabis boom  |  billion-dollar questions: cannabis faq for accountants  |  ready or not: cpa firms find new opportunity in booming cannabis industry  |  america’s new breed of cannabis cpas [video]  |  irs section 280e & marijuana: tax limbo or hell?  |  the rise of the nation’s top cannabiz cpa  |  cpa cannabiz boom  |  the wild world of weed: tax season never ends  |  what’s a cannabiz worth? ask a cpa.  |  more for pro members…

this month, oregon becomes the fourth state to legalize possession of marijuana for recreational purposes. recreational use is also legal in alaska, colorado and washington, and several other states allow its use for various medicinal purposes.

but that doesn’t mean it’s legal. according to the u.s. department of justice, it’s still a schedule i controlled substance. and while the irs doesn’t bust people for possession or use, it does require special accounting and tax treatment.

read more →

irs section 280e & marijuana: tax limbo or hell?

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colorado marijuana tax forms and money
colorado tax forms

 

cannabis complications for cpas, clients and consumers.

by justin p. breidenbach
cannabizcpa.pro

providing a client with tax services can be hard work.  things get especially difficult when an accountant becomes the bearer of bad news. it’s never easy informing a client that they owe unexpected or, what the client believes to be, unreasonable taxes.  imagine a situation where you had to tell a client that their effective tax rate is 70%, 90%, or even exceeds 100%.

i expect some may be reading this and asking themselves, “what tax hell would require a taxpayer to pay an effective rate exceeding 100%?”  i am here to inform you that this does exist, and in the marijuana industry it is known as section 280e.

read more →

a cpa’s unexpected journey into the cannabis industry

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marijuana cannabis and dollars dollarphotoclub_66817773 b

accountants at a crossroads in serving clients in an emerging industry.

by justin p. breidenbach
ohio wesleyan university

being a cpa and academic, it’s not unusual to answer unique questions related to accounting. whether they’re questions about taxes, financial statements, internal controls, or just understanding operational efficiencies, people are usually trying to understand the various paths to success through the numbers — or they’re looking for a secret nugget of information that will keep more cash in their pocket.

inquiries like that are all in a day’s work for an accountant. i’ve discovered that there are few surprises, and eventually the promise of a new and exciting question fades away.  although i constantly tell people how accounting is more than just debits and credits, i feel like we all have times where monotony sneaks its way into our professional life.

that all changed for me two years ago, when i got a question that not only surprised me, but wasn’t easily answered without some extensive research.

read more →

cpa cannabiz boom

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250 new clients in two years.

by 卡塔尔世界杯常规比赛时间

cannabizcpa.pro

for a couple of years now, guske & co. pllc, has been venturing into a vast new niche in the great northwest where the people are nice, easy-going entrepreneurs with a pioneering spirit and a willingness to learn, follow rules, and take risks. his niche — the booming cannabis biz. booming to the tune of 250 new clients in two years, an annual growth rate of 80 percent.

read more →

the wild world of weed: tax season never ends [video]

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how one top cpa got into the cannabis business.

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cannabizcpa.pro

when dean guske attends trade shows like the world cannabis congress & business expo, he isn’t proffering pipes, papers, pot, hydroponics, or paraphernalia. a cpa with over 250 clients in washington and oregon, guske is pushing tax prep and accountancy.

more cannabiz cpas:  america’s new breed of cannabis cpas [video]  |  ready or not: cpa firms find new opportunity in booming cannabis industry  |  from tech boom to cannabis boom  |  cannabis faq for accountants  |  what’s a cannabiz worth? ask a cpa.

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guske & company pllc got into this vast niche by professional coincidence, a client who liked the firm’s work and asked for some tax help with a new business. he was growing marijuana. this was new to guske, but it sounded interesting.

“i told him i’d have to do some research first,” guske tells 卡塔尔世界杯常规比赛时间. “i wanted to get a good understanding of what was going on tax-wise and an understanding of the industry before i accepted a client in that industry.”

read more →

what’s a cannabiz worth? ask a cpa.

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the top 51 issues in handling valuations of marijuana businesses. 

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by 卡塔尔世界杯常规比赛时间 research

the growth of legal marijuana businesses, from growing to retailing, has opened a new niche—or really a bunch of niches—for cpas.

among them are bookkeeping, internal control, tax accounting and preparation, management, holding companies, and general business council. the opportunities are born of the complexities behind them.

related:  billion-dollar questions: cannabis faq for cpas  | how cpas find opportunity in cannabis boom | america’s new breed of cannabis cpa [video] 

one of the opportunities is the valuation of these brave, new businesses as aggressive investors flood the market with fresh cash. “you’ve heard of the gold rush of the 1800’s,” one industry insider tells 卡塔尔世界杯常规比赛时间. “well, this is the ‘green rush.’”

now comes a new study issued by business valuation resources llc, “marijuana dispensaries: a budding industry brings opportunities and challenges for business appraisers,” which presents some ideas worth thinking about.  click here for a free preview of the new marijuana bv study.

“legal marijuana is a very good business,” says ron seigneur, mba, cpa/abv, asa, cva, cff, and a well-known advocate for cpas in the art and science of business valuation. seigneur, of denver-based seigneur gustafson llp, writes the introduction to the report. cpa jim marty of bridge west cpas, also denver-based, authors much of the report. marty has quickly emerged as one of a handful of nationally recognized accountants in the business.

several factors contribute to the opportunities of valuation. and several other factors contribute to the complications. in all, 卡塔尔世界杯常规比赛时间 finds dozens of points that shouldn’t go overlooked. some are germane in any valuation engagement. others are peculiar to the cannabis business. all require especially careful review in this fast-changing legal and regulatory environment.

here they are: read more →