Cannabis Accounting Advisory, Audit and Tax Services
Our use of the terms “our Firm” and “we” and “us” and terms of similar import, denote the alternative practice structure of Cherry Bekaert LLP and Cherry Bekaert Advisory LLC. Our nationally recognized cannabis accounting and consulting team supports cannabis and CBD companies with a… Remind your client how outsourced professional bookkeeping services will bring them confidence in compliance and significantly help boost their growth potential.
About the National Association for Cannabis Accounting and Tax Professionals
- Prepare to revolutionize your approach and reign supreme in the realm of cannabis entrepreneurship with the expertise and guidance of Sandy Suchoff.
- Remind your client how outsourced professional bookkeeping services will bring them confidence in compliance and significantly help boost their growth potential.
- If your plans are leading you down the wrong path, we can design something new that will help you achieve your short and long-term financial goals.
- We recognize that a one-size-fits-all technology strategy doesn’t work for every business.
Whether you’re starting from the ground up, or looking to better understand your tax options, our advisors can help. Tax Code 280E is a federal tax code currently preventing state-legal cannabis businesses from deducting most business expenses from their taxes, aside from the Cost of Goods Sold (COGS), since cannabis is classified as a controlled substance. As an accounting professional, cannabis clients are likely still new to you. They’re fresh on the scene — which means your services, adapted for the cannabis industry, are also still budding. NACAT Pros provides educational tools for accountants and financial professionals to enter into the Cannabis industry for untapped professional potential. Our mission is to help accountants fall back in love with accounting again by changing the current state of the accounting industry from being high-stress and highly competitive to a collaborative, value-producing network of services.
California Unveils New Tax Cuts for the Cannabis Industry
The National Association of Cannabis Accounting and Tax Professionals (NACAT Pros) was founded to standardize bookkeeping, accounting, and tax practices in the Cannabis industries. Learn more about the latest cannabis trends from leading Anders professionals. Adjust to changing regulations confidently with an experienced team of advisors. Legal and Operational Structure – choices to maximize flexibility and to comply with federal, state, and local laws, including licensing.
What the Lord Case Means to the Cannabis Industry
Even as the cannabis industry accelerates, there remains tremendous uncertainty in the marketplace and changing rules at every level – state, county, and municipal. Limited sources of capital are available to operators in the cannabis industry because many financial institutions’ underwriting requirements preclude investing in cannabis. Banking – establishing relationships with financial institutions able to transact business within the cannabis industry. “Cherry Bekaert” is the brand name under which Cherry Bekaert LLP and Cherry Bekaert Advisory LLC provide professional services. Cannabis businesses are regularly being audited by the IRS, and your role in their financial accounts can make all the difference in them being shut down, having to pay legal fees, or being allowed to continue running. So many times, people create a business plan to achieve licensure but don’t know how to work the plan when it finally comes time to open their doors.
Understanding the value of your business is essential when it comes to attracting investors or adding partners. Our forensic and litigation advisors work with cannabis companies on valuations and various litigation, fraud and forensics situations as needed. Under their federal charters, many financial institutions are unable to accept dollars earned in the cannabis industry, and many of these same banks have begun closing the accounts of long-time customers that have chosen to get involved in this new industry.
Budding Headaches – What Challenges Await Massachusetts’s Cannabis Businesses in 2023?
Our applications services group provides strategic direction to help with the entire cannabis license application process. Marcum’s Cannabis Services Group provides support, objectivity and experience to operating cannabis businesses and those planning to enter and succeed within this emerging industry. We offer a broad spectrum of accounting, financial, and consulting services that give investors, owners, and ancillary businesses the insight they need to grow and succeed. Because so many new cannabis business owners have lots of questions I’ve pulled together the common ones I hear so you can help prospective clients understand the ways accounting professionals can support their businesses.
Our cannabis accounting firm specializes in helping cannabis businesses accurately calculate and allocate COGS, ensuring that you meet compliant standards, while at the same time legitimately maximizing these deductions to optimize savings. By employing industry-specific cannabis accounting strategies, we can help you streamline your operations, reduce tax burdens, and enhance profitability. Welcome to The Canna CPAs, your trusted source for comprehensive accounting and financial services tailored specifically for the cannabis industry. With expertise in cannabis accounting, cannabis bookkeeping, and cannabis tax preparation, our dedicated team of professionals understands the unique challenges and opportunities that businesses in this rapidly evolving field face. With continually evolving laws and regulations, routine audits and complex cannabis-specific issues, your business needs to be strategic. Our team of CPAs and advisors understand the intricate landscape of the cannabis industry.
TreeStar Solutions is a leading accounting firm specializing in providing comprehensive financial services to all types of businesses, including cannabis dispensaries, growers, manufacturers, producers, transportation services, and more. Our tailored approach incorporates a robust 4-part system, offering expert guidance, cutting-edge tools, efficient work papers, streamlined processes, and top-notch accounting and tax solutions. With a track record of supporting over 800+ professionals, we empower businesses to rapidly establish world-class accounting practices and accelerate their growth within a short timeframe. Our nationally recognized cannabis accounting and consulting team has supported dozens of large cannabis companies with a full range of services. Beyond compliance, our trusted advisors have helped cannabis companies transform their businesses with innovative solutions for growth. With our personalized approach, extensive industry knowledge, and commitment to excellence, we are here to ensure that your financial operations are in compliance, optimized for growth, and positioned for long-term success.
Dext Precision – intelligent data cleanup, bookkeeping, and compliance tools designed for Xero and QuickBooks Online professionals. Identify mis-codings, track key liabilities, and spot unwanted changes to historical data. NACAT Pros founders have been nationally featured in dozens of major accounting and Cannabis publications including Forbes, Accounting Today, MJ Biz Daily, the Wall Street Journal, and many more.
We recognize that a one-size-fits-all technology strategy doesn’t work for every business. At Anders, our technology advisors can work directly with your IT team to supplement expertise and save overhead costs, or act as your entire outsourced IT department and helpdesk. We can fill in the gaps your company has in network and server monitoring and maintenance, Microsoft licensing, CIO-level strategy, helpdesk outsourcing and other IT advisory services as needed. We offer a full spectrum of cannabis accounting, financial, and consulting services that give cannabis and hemp businesses the insight they need to grow and succeed.
