Cannabis Business Needs CPA Services?
YES! Our experience tells us that Cannabis Business Needs CPA Services? should have the question mark replaced by an exclamation point. Greetings if you got here from “flipboard” could someone post PLEASE post a comment and tells us about the link. If you like us, we will go the extra mile to make sure we are accessible.
Our new clients are continually amazed by the broad range of skills we bring to their new reality. Once said, “aBIZinaBOX is like a Swiss Army Knife for a newly regulated cannabis business”. We smiled, and could not have phrased it better ourselves. We tackle the tough tasks.
Focused Expertise relating to California’s Cannabis Industry
We have established practices and procedures that address the unique issues of tax reporting and tax collection for California’s marijuana industry relating to the Internal Revenue Service (“IRS”); the Franchise Tax Board (“FTB”); the California Department of Tax and Fee Administration (“CDFTA”); the Economic Development Department (“EDD”), and the Bureau of Cannabis Control (“BCC”).
Our experience includes CPA services relating to permitting, licensing as well as reporting and paying marijuana excise tax and gross receipts tax at the municipal and county level.
We have developed effective strategies for addressing the onerous impact of the limitation on the deduction of ordinary and necessary business expenses imposed by Internal Revenue Code §280E on businesses engaged in “trafficking” in a controlled substance.
The MMJ Industry Practice Group of aBIZinaBOX has opened for business. Our Group has professionals in Evanston, Illinois and Oakland, California. Our group has devoted several years of study to the application of our business reporting and accounting experience and services to the unique requirements of the marijuana industry.
The practice of the Marijuana Practice Group of aBIZinaBOX is limited to the California marijuana industry at this time. Given the complexity of the issues facing the California marijuana industry, we have concentrated on the California marijuana industry to do one thing well rather than be mediocre at many things.
We have substantial experience and expertise relating CPA Services for to the California marijuana industry in:
- The unique financial record-keeping needs of cultivators, distributors, extractors, processors, and distributors.
- Experience with the selection of optimal operating structures for each participant in the California marijuana industry.
- Experience in adjusting structures and modifying financial record-keeping to comply with a rapidly evolving regulated California marketplace.
- An understanding of the challenges presented by a long history in this industry of “doing business in cash” and the associated problems.
- A practical understanding of the banking, card processing, and anti-money laundering issues applicable to this industry.
- Cannabis Business Needs CPA Services?
We would welcome the chance to explain our skills and the services we offer.