Ep. 70: How to Help Your Cannabis Accounting Clients Navigate Inevitable Audits - with Summer Wilkinson

Audits.

There is no word accountants dread more.

Audits can happen to any company in any industry, but with Cannabis companies being so closely watched by the IRS and other government entities, it’s less of wondering IF a company will be audited, but WHEN.

Even though an audit may not happen for years after a mistake is made, knowing you’re armed with the knowledge and skills to successfully navigate your client through them can take a lot of weight off your shoulders right now.

On this episode of The Cannabis Accounting Podcast, Andrew Hunzicker, CPA sits down with fellow CPA Summer Wilkinson, who recently brought one of her Oregon-based clients through an audit. Listen in as Andrew and Summer discuss the process, giving you insight into what to expect and how to best prepare your clients.

Along with tips on how to avoid an audit, Andrew and Summer highlight:

What to expect during the audit process: from documentation required to filing for appeals, Summer walks us through every step of her experience with a state-level audit

Tips for surviving any audit: although you can’t predict the outcome of an audit, you can prepare your client as much as possible (we’ll discuss staying on top of documentation, opening communication lines with the auditor, getting highly organized with your information gathering, and more ways to help the audit process be more painless)

Outlook on new potential tax rules and compliance implications: the recent introduction of 471(c) may affect how some accountants help their clients prepare for tax returns (Summer weighs in on this new code section and shares her hybrid method for keeping her clients compliant)

When your clients know you can guide them successfully through dreaded, inevitable audits, they’ll not only see you as someone they can fully rely on year-round, but your reputation as a trusted industry advisor will continue to blossom as well.

Keep up with this industry expert! Connect with Summer and her accounting biz, Leaf Book CFO.

Website https://www.leafbookcfo.com/

Facebook  https://www.facebook.com/summercfo/?ref=pages_you_manage

LinkedIn: https://www.linkedin.com/in/summerwilkinson/

Instagram: @leaf_book_cfo

Check out DOPE CFO's program and offerings at www.dopecfo.com. Stay up to date on Cannabis/CBD/hemp industry trends and tips by connecting with us on Facebook, LinkedIn, Twitter, and Instagram. Never miss an episode! Subscribe to the podcast today!

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