Industry News: Breaking Down Cannabis Taxation and Business Issues

Breaking Down Cannabis Taxation and Business Issues



We've rounded up our top blog posts for managing all things cannabusiness-related in areas such as tax codes, accounting, inventory management systems, cash flow management, and more. By Monique Swansen.

You may be wondering, “how much the cannabis industry worth in 2020?” Well, predicted sales for the year-end are $19.7 BILLION. Yep, you read that right. And it's expected to grow MUCH more (see below). Are you an accounting firm or cannabusiness that needs help with understanding the ins and outs of the budding cannabis industry?

The cannabis industry can be complicated, especially since it's growing like crazy (wink!) — but we can help you get your head around all of it.

Indica marijuana flower at Green Buffalo dispensary, Norman, OK.Photo: Isaac M. O'Bannon, CPA Practice AdvisorWe've rounded up our top blog posts for managing all things cannabusiness-related in areas such as tax codes, accounting, inventory management systems, cash flow management, and more.

There's no need to be overwhelmed when you've got a specialist like us who will explain everything! Now, let’s dive into these blogs.

  For Getting Started...  

So You’ve Decided To Open Up a Dispensary

Learn the three types of professionals you'll NEED when you just open a cannabusiness. Since each state has its own laws — and marijuana is still a Schedule I substance under federal law, you'll need someone to guide you in legal matters.

Most banks don't do business with cannabusinesses, so you'll also find out how security services can help keep your cash safe. Finally, we talk about maximizing cash flow in light of the fact that cannabusiness expenses are non-deductible. (Read more…)

For Getting Help... Why You Need a Specialist in Cannabis Accounting Services While you patiently wait for cannabis to no longer be classified as a Schedule I drug, you'll have to deal with all those taxable expenses.

Finding an accountant who specializes in the industry will help you reduce your taxable income. Learn how hiring a cannabis accountant will also help you get ALL those cannabis customers running to you! (Read more…) Retail cannabis dispensary, Norman, Oklahoma.Photo: Isaac M. O'Bannon, CPA Practice AdvisorFor Guidance With Tax Codes...

The Ultimate Guide to 280E Compliance for Cannabis Business Owners

Heard about the 280E Chart of accounts? Find it overwhelming? There's good news... we can help!

Learn how to optimize your business structure, properly handle cash transactions, and categorize your expenses so that when the IRS decides to do an audit, you'll be ready for them. (Read more…)

For Overcoming The Biggest Challenges... 5 Business Headaches a Cannabis Accounting Expert Can Help You Cure As a cannapreneur, headaches are the LAST thing you should be dealing with. Eliminate tax liability surprises, stop juggling software, find banks willing to work with you, and expand your network as a cannabusiness owner all with the help of a cannabis accounting expert. Why work in the cannabis industry considering all these challenges it poses? Because you can easily get ahead of the curve and beat your impending competition! (Read more…)

For Accounting Firms On The Fence...

Why Accounting Firms Should Embrace Cannabis Clients

This article, which was featured on CPA Practice Advisor, weighs in on the potential that accounting firms now possess all thanks to the growth of the cannabis industry.

Learn seven reasons accounting firms should embrace cannabis clients in a post-COVID world. Sneak peek: Marijuana sales are expected to reach a whopping $37 billion by 2024! (Read more…)

For Post-Pandemic Cannabis Businesses, The “New Normal”...

What the Pandemic Means for the Future of the Cannabis Industry The pandemic was a game-changer for canabusinesses, but it doesn't mean you've lost — quite the opposite. You likely experienced serious growth in demand, and probably aren't sure how to deal with it. Find out why your marketing strategy should also have a "new normal" as you adapt quickly and take advantage of current opportunities for success.

Automated bookkeeping for your business is another must when you switch up marketing strategies.

Additionally, learn about cash management, the SAFE banking act, as well as sanitation and safety. What shopping alternatives have you given your customers in this social distancing era? (Read more…) For Managing Your Inventory...

Your Guide To An Efficient Cannabis Inventory Management System

Having an inventory management system that works for your cannabusiness should be at the top of your priority list. Why? Because it's what brings in the dough when done right! Looking to scale? Learn four ways you can create and maintain an inventory system specially suited to your cannabusiness.

As a result, you'll be ultra-confident in regard to regulation compliance, know the best practices for avoiding heavy fines, diminish the risk of fraud and theft, and you'll know what your bestsellers are so you can scale and GROW! (Read more…)

More To Come From The Cannabusiness Accounting Experts

We've got many more blogs on the way packed with up-to-date, practical information for your cannabis accounting firm or cannabusiness, so be sure to stay on the lookout.

If any of the above posts piqued your interest and you want to learn more, let us help with experienced cannabusiness consulting by scheduling a FREE consultation.

— Monique Swansen, founder and CEO of Automated Accounting Services and Accounting for Green outside of Boston helps visionary cannapreneurs automate and outsource their financial needs. She also consults with accounting businesses looking to move into the cannabis space. Learn more at accountingforgreen.com. IG @afgcannabis Twitter @AFGcannabis

https://www.cpapracticeadvisor.com/tax-compliance/article/21218759/7-valuable-blog-posts-that-break-down-the-cannabis-industry Apr 15th, 2021

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