Accounting Tax USA
Accounting Tax USA
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    • Home
    • Accounting
      • Small Business
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      • Estate & Trust
    • Cannabis Accounting
    • Bookkeeping
      • Self Employed
      • Small Business
      • Corporate
    • Tax Preparation
      • Personal Tax Return
      • Corporate Tax Return
      • Small Business Tax Return
    • Payroll
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    • Contact Us
    • About US

  • Home
  • Accounting
    • Small Business
    • Corporate
    • Estate & Trust
  • Cannabis Accounting
  • Bookkeeping
    • Self Employed
    • Small Business
    • Corporate
  • Tax Preparation
    • Personal Tax Return
    • Corporate Tax Return
    • Small Business Tax Return
  • Payroll
  • Audits
  • Customer Portal
  • Pay Now
  • Testimonial
  • Contact Us
  • About US

CANNABIS SERVICES

Running a legal cannabis business can be complicated. Let Accounting Tax USA make sure your business is compliant with all federal, state, and local financial regulations so that you can focus on running your business.

Cannabis Accountant for Bookkeeping, Tax, and Consulting Services

Why choose Accounting Tax USA to be your trusted accounting firm in navigating the cannabis industry?

  • We provide valuable industry-related services, including accounting, bookkeeping, tax, assurance, cash flow analysis and consulting.
  • Our cannabis accountants assist you in getting started and help you maintain compliance in every cannabis-approved state.
  • We invest in clients that want to grow their businesses. To that end, we offer monthly accounting, pro-forma projections, financial statements  and cannabis expertise and consulting.
  • We specialize in GAAP cost accounting to maximize the tax implications of Internal Revenue Code (IRC) Sections 280E and 471 to minimize your tax liability.
  • Our cannabis accountants provide industry-leading expertise and proven solutions to help you navigate the most daunting financial and operational challenges.

Cannabis Accountant for Bookkeeping

In addition to the customary business challenges faced by any company in an emerging industry, operators in the cannabis industry must contend with the unprecedented challenge of conflicting legal parameters at the state and federal levels. The issues confronting growers, distributors, retailers/dispensaries and other ancillary services are complex and include:

OPERATIONS

ANTI-MONEY LAUNDERING

ANTI-MONEY LAUNDERING

Every state that permits cannabis operators has ultra-strict guidelines to monitor the operation “from seed to sale” and at each mile marker along the way. Operations require comprehensive systems that allow growers, distributors, retailers, and others to account for all of their revenues and expenses, in addition to the product itself. Even as the cannabis industry accelerates, there remains tremendous uncertainty in the marketplace and changing rules at every level – state, county, and municipal.

ANTI-MONEY LAUNDERING

ANTI-MONEY LAUNDERING

ANTI-MONEY LAUNDERING

In addition to “Knowing Your Customer,” which is required by all financial institutions, any entity doing business in the cannabis space is required to meet certain anti-money laundering criteria including, but not limited to, accounting for cash deposits, having a record of customers, tracking mass shipments to suppliers, and maintaining a record of any red flags which might occur during the business’s normal course of operations.

CASH FLOW

ANTI-MONEY LAUNDERING

CASH FLOW

Including restrictions on the deductibility of expenses under IRS section 280E, which can impact cash flow significantly. Items normally standard as cost of goods sold will be subject to IRS scrutiny, such as employee salaries, utilities, marketing & advertising, routine repairs and maintenance, rent, insurance, and payments to contractors.

SECURITY

SECURITY

CASH FLOW

Companies doing business in the cannabis arena are required to have extensive security procedures relating to background checks for all current and future employees, Board members, and other stakeholders; safeguards against theft; and procedures to monitor the production and sale of product. Industry operators must be prepared to develop, implement, and annually document all security measures, including video surveillance, record maintenance, and a host of others. The regulations are complex and continuously changing, with states promulgating new rules on an ongoing basis.

TAXES

SECURITY

BANKING

Under Internal Revenue Code Section 280E, “No deduction or credit shall be allowed for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business (or the activities which comprise such trade or business) consists of trafficking in controlled substances (within the meaning of schedule I and II of the Controlled Substances Act) which is prohibited by federal law or the law of any state in which such trade or business is conducted.” Although limited in size, this section has a dramatic impact on the taxability of net income and the ultimate profit generated by any entity operating in the cannabis arena.

BANKING

SECURITY

BANKING

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.

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Accounting Tax USA

1075 Route 34, Suite F, Aberdeen, New Jersey 07747, United States

(732) -702-0344 Email: info@accountingtaxusa.com

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