noseinthebook – Best Practices Framework

noseinthebook – Best Practices Framework

noseinthebook – Best Practices Framework using our proprietary “Nose In the Book” techniques to improve accounting and tax reporting for the cannabis industry. The training will focus on lessons that learned from the Tax Court Decisions in Alterman and Gibson TC Memo 2018-83, and Neil Feinberg et ux., et al. v. Commissioner, (2017 Memo 2017-211).

Watch for some exciting developments from aBIZinaBOX including


  • “Our Nose in the Book” Best Practices in Cannabis Business Accounting Webinar Series
  • The rollout of our Accounting Best Practices microsite at noseinthebook.accountants
Best Practices Webinar Topics
  • A concise definition of IRC Sec. 280E and its statutory construction
  • CCM 20150411
  • Best Practices for Tax Accounting including
    • Cloud Software Selection, distinctions for Dispensary, Distribution, Cultivation, and Extraction
    • Creation and maintenance of Books of Account
    • Creation of inventory records, selection of cost flow assumptions and calculation and support of Cost of Goods Sold [“COGS”]
    • Internal Controls over cash and maintaining bank accounts
    • Documentation of business expenses, and IRC Information Reporting – 1099’s
    • Highlights of information records for Excise, Sales and Gross Receipts taxes – the detail here is easily a distinct program
    • Design, maintenance, and retention of records – IRS, FTB, CDTFA and Regulatory Compliance Requirements
    • An interface between accounting function and tax return preparation, tax return work papers and support
    • Review, quality control and documentation of process improvement – IRC Sec. 6694(b)(2) and “a pattern of negligence”

The background articles are must be reading to fully understand the context see Cannabis CPA Becomes Cannibal,  Lesson From The Tax Court: Into The Weeds on COGS, Alterman TC Memo 2018-83 Alternative View, Missing Opportunity IRC Sec. 280Eand our IRC Sec. 280E Repository.

The Nose In The Book” – is the framework we developed to serve and a platform that overarches and provides a bridge between accounting, operations, tax and regulatory compliance. The Nose in the Book evolved from our Close But No Cigar program.

 

Author: abizcannabis

Managing Director & CEO of integrated transactional financial advisory, tax, and technology consulting firm - aBIZinaBOX Inc New York, Chicago, and OaklandCPA.CITP.CISM.CGEIT.CGMAExpertise with: Alt. Investments/Private Equity, Real Estate, Professional Services, CA Cannabis, Tech Start-Ups and Distressed Assets/DebtTechnology Certifications including:Advanced & High Complexity Cloud Integrator AICPA PCPS, CAQ,, IMTA, CITP ISACA CGEIT, CISMState CPA Societies in California, Florida, Illinois, New York and TexasExpertise with Regulatory Compliance - US - HIPAA, FINRA, SEC Rule 17(a)(3)/(4), eDiscovery, FINCEN - EU- EBA, ESMA, EIOPA UK - BoE, PRA, FCA