aBIZinaBOX Cannabis Group – Reel

 aBIZinaBOX Cannabis Group – Reel

aBIZinaBOX Cannabis Group – Reel is about as close to “having a reel” that a CPA practice will ever get. It provides a very current overview of our capabilities and what

aBIZinaBOX Cannabis Group - Reel
aBIZinaBOX Cannabis Group – Reel

makes aBIZinaBOX different from other CPA firms serving the California commercial cannabis industry, It is representative and broad in coverage. However, none of the proprietary “rocket scientist” material is included. We welcome your comments and feedback. 

Copies of our two white papers on the Tax Cuts and Jobs Act appear below along with a free-standing copy of our IRC Sec. 280E Analysis
aBIZinaBOX Cannabis Group – Reel
We were featured in a Tax Notes Article on July 9, 2018, titled The Business of Tax: Cannabis Tax Advising Growing Like Weeds. You can also find the article here.
Our latest write up on who the firm and I am and what we do.

The Cannabis Practice Group [“CPG”] of aBIZinaBOX Inc. CPA’s serves commercial cannabis industry businesses in California. The CPG have experienced > 250% growth over prior period due adult-use cannabis becoming legal in 2018. The CPG has professionals in Evanston, IL, and Oakland, CA. The practice is led by Jordan S. Zoot, CPA, Managing Director – CEO, who has been in professional practice since 1982.

Please take a moment to read Legal Cannabis Support – Clarion Call

Mr. Zoot is licensed as a CPA in CA, FL, IL, NY, and TX. He has a national reputation of technical and transactional taxation of pass-thru entities [Partnerships, LLC’s and S Corporations], private equity and alternative asset funds primarily in distressed mortgages and assets, professional services, real estate, venture-funded tech start-ups, and the commercial cannabis industry in California.

Mr. Zoot has extensive experience in taxpayer and practitioner representation with the Examination, Appeals and Collection functions with IRS, including Special Procedures – Bankruptcy, Insolvency, Offer in Compromise, and Circular 230 Practitioner Representation with the Office of Professional Responsibility [“OPR”]

Mr. Zoot has a member of the AICPA, and state societies [CalCPA, FICPA, ICPAS, NYSSCPA, and TSCPA] for over thirty years. He has served an appointed member of AICPA’s Responsibilities in Tax Practice, Practice Management, and Subchapter K Technical Committees and as the CITP Champion for Illinois. He has had extensive involvement in the regulation commenting process with the US Treasury.

Mr. Zoot is engaged at numerous points of contact in a lead role with AICPA senior executives in the process of developing policy, advocacy and education for CPA’s serving the legal cannabis industry. He has been involved with OPR in connection with the cannabis industry, Title 31 [FinCEN] matters, and the IRS’s OVDP Amnesty Program.

A highly skilled California tax attorney with over fifty years in practice stated;

“Jordan is very likely the most knowledgeable CPA in private practice concerning the taxation of cannabis businesses, particularly concerning the taxation of California cannabis businesses.”

Mr. Zoot is engaged with CalCPA’s Government Liaison Office in connection with SWOT analysis, talking points for engagement with the legislature, the cannabis regulatory agencies, Bureau of Cannabis Control “BCC” [Retail, Retail-Delivery, Distribution – Packaging], California Dept. of Public Health “CDPH” [Manufacturing, Processing, Extraction], California Dept. of Food and Agriculture “CDFA” [Cultivation] and the California Dept. of Tax and Fee Administration [“CDTFA”] in connection with on some of the most important, challenging and complicated legal matters related to urgently need legislative action and regulatory guidance for Federal and California cannabis industry income taxastion and Cannabis Cultivation, Excise and Sales Taxes.

The firm is skilled in dealing with:

•The unique financial record-keeping needs of cultivators, distributors, processors, and extractors.

•The selection of optimal operating structures for each participant in the California cannabis industry.

•Adjusting structures and modifying financial record-keeping to comply with a rapidly evolving regulated California marketplace.

•Understanding of the challenges presented by a long history in this industry of “doing business in cash” and the associated problems.

•The practical needs related to banking, card processing, and anti-money laundering issues applicable to this industry.

•The complex processes relating to permitting, licensing as well as reporting and paying cannabis excise tax and gross receipts tax at the municipal and county level.

•Implementing 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”.

A Leader in California’s Cannabis Practice, the CPG will retain its position as a leader in financial record-keeping and be reporting for California’s medical and recreational cannabis industry by continually adjusting to the demands of this evolving industry.

The CPG moderates a California Cannabis Regulation subreddit at https://www.reddit.com/r/cacannabisregulation/

aBIZinaBOX Cannabis Group – Reel

Additional Examples of our Work:

Our analysis of the TCJA Tax Legislation’s impact on business.

Federal Tax Law Changes Impacting Individuals – 2018

Impact on alternative investment hedge funds and private equity.

Our analysis of IRC Sec. 280E in California

Analysis IRC Sec. 280E
280E – Beyond Dispensaries
 aBIZinaBOX Cannabis Group – Reel