As we approach the last tax extension deadlines of the year many cannabis operators are scrambling to get their information and documents in order. While there are many reasons to meet with your tax accountant now to review your current fiscal state, there’s not a whole lot your tax advisor can recommend to change your current practices. That’s why at GreenGrowth CPAs, we’re encouraging our clients and the general public alike to take advantage of quarterly tax reviews with their cannabis tax expert.
Why? You may ask. To put it simply, more casual and frequent communication between clients and their tax professional gives opportunity for a more consistent review of the business financials. Plus they can provide more accurate forecasting and a deeper understanding of the income tax liabilities due. And through these steps, our advisors can make expert recommendations to maximize business deductions, saving the business owner money in the long run.
Now how do we do this?
Because our team of cannabis experts has been serving the industry for years and know the ins and outs of lowering tax burdens. That’s why it’s important to work with a tax professional who specializes in the cannabis space. Cannabis businesses are bound by many tax limitations and it takes an expert to work around the limitations while staying compliant to IRS regulations.
In the example below, we demonstrate how working with a cannabis tax professional who understands how to optimize allocations of cost-of-goods sold can minimize the impact of 280E.
Benefits of Quarterly Tax Reviews
As part of the added benefits to our quarterly tax service line we’ll not only review your financials, but also provide you with quarterly and annual tax liability projections. In addition, you get access to a monthly one-hour tax call with your assigned tax advisor. Moreover, we review the accuracy of your books and can detect any discrepancies or fraudulent activity before it’s too late.
Having a best- in-class accounting and finance partner to support your team will ensure better results with less stress as your business grows. These services can also bring significantly higher final valuation that performs well under an investor’s due diligence if you decide to exit the industry. And can help safeguard you against audits and future issues with the IRS as everything is documented accurately and in a timely manner.
To learn more about our quarterly tax services and pricing, then be sure to contact our team of financial experts at GreenGrowth CPAs. We are here to help your cannabis venture through any level of the accounting, tax filing, or business cycle.
We employ several financial programs to assist the company with its fiscal responsibilities, including tax planning and compliance, outsourced CFO support, audit preparation, tax controversy support, and much more.
For recommendations and assistance with tax planning and accounting services, schedule a free consultation or contact us at 1-800-674-9050.