Ep. 85: The Ultimate Guide to Cannabis/CBD Accounting, Bookkeeping, & Tax

Experienced bookkeepers and accountants are essential in keeping cannabis companies penalty-free.

The IRS and state tax agencies are ramping up their audits on Cannabis companies this year, and the industry needs trained bookkeepers and accountants more than ever to accurately clean up Cannabis books, adhere to GAAP guidance, and understand the critical workarounds necessary to navigate the tricky “quirks” of Cannabis bookkeeping.

In this episode,  Andrew Hunzicker, CPA, goes over the right education, tools, and systems in place to guide you to become the accounting professional every Cannabis company wants to hire, instead of the one that's causing them grief.

He discusses:

Internal record keeping vs. Cannabis specialized bookkeeping

Important court cases and tax codes: IRC 280E and 471, the tax codes that lay out the framework for the only way Cannabis companies can legally take tax deductions.

Cleanup and onboarding processes for new clients: a framework for the cleanup process during your first 30 days

Day-to-day and month-end tie out systems: the reporting processes and systems to keep your client’s books up to date and compliant

Grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.” Visit: https://bit.ly/3pOebLO