Cannabis Knowledge & Insights

Cannabis Business Tax Filing Help – Working with GreenGrowth CPAs

You should work with a cannabis CPA such as GreenGrowth CPAs for your cannabis business tax filing requirements.

As accountants specializing in the cannabis industry, we can give you guidance on cannabis CoGS, cannabis tax planning strategies, and how to reduce your cannabis business taxes by mitigating the impact of IRC 280E.

In this video, we will give you information on:

  • Our cannabis industry experience as a cannabis accounting firm
  • The process for we use to file your cannabis business taxes
  • How we price our cannabis tax services

If you need help with your cannabis tax returns or cannabis tax systems, then please reach out to us today at https://greengrowthcpas.com/get-started/ or call 800-674-9050.

Get Started

Full Transcript:

Now, as you may know, preparing and filing cannabis business taxes can be quite complex and it can be pretty nuanced. So in this video I want to explain to you some of the benefits to working with GreenGrowth CPAs so you can take advantage of our industry experience as well as walk you through the process of how we learn about your business and then prepare your tax filing accordingly so you get put into the best tax position for your cannabis based business. Now if you’re ready to move forward with your cannabis business tax filings, or maybe you have some questions that please reach out to us via our website GreenGrowthCPAs.com or give us a call at (800) 674-9050 so let’s dive in and learn a little bit more about GreenGrowth CPAs and how we can help you out with your cannabis business taxes. Now first I want to introduce you to GreenGrowth CPAs so you can learn a little bit more about our company as well as understand our industry expertise.

Now we are cannabis only tax preparation and financial firm. We can also help with audits, business valuations, financial compliance, outsource CFO services, as well as IPO readiness. We have hundreds of active clients in the small operator doing a hundred thousand dollars per year in revenue all the way up to the large public companies doing $50 million in revenue. So no matter the scale of your business, we can help you with a financial and tax strategy that fits your business size. We have clients throughout the entire United States as well as international clients as well, and we service all verticals of the cannabis industry from cultivation, manufacturing, distribution, retail, and even testing. Now that you know a little bit more about GreenGrowth CPAs and the types of companies that we help out, I want to give you a little overview of our tax services. Now, we’ve worked with more than 400 individuals and cannabis businesses to save nearly $1.5 million on their tax filings.

And cannabis companies across the States are regularly hit with audit requests as they struggle to understand these complex tax codes. So GreenGrowth CPAs can help you save time and money by helping you to get a strategy around allocating business expenses that are nondeductible under two 80 in a compliance focused manner. We take the time to learn about your business and determine the best cost of goods sold approach from reasonable allocations, moderate allocations, and even potentially an aggressive approach. And this all depends on your business setup. Now once the right approach is determined, we then use a reasonable methodology to help put you in the best tax position possible. We can also ensure that all your local, state and federal income taxes are being completed on time, accurately and in compliance with state and federal regulations. And with proper tax preparation, we can help reduce the potential outcome of an IRS tax audit.

Now there’s no guarantee that you will never get audited no matter who prepares your taxes. But when they’re filed accurately and on time, you have the financial records to reconstruct if an IRS audit were to come your. And finally we can also provide feedback on record keeping and financial documentation processes within your business to help you get into a better tax position for following years. So now that you understand some of the benefits to working with GreenGrowth CPAs, I want to explain to you how we price our services out. Now we charge a flat fee for most of our tax services which offers the most transparency for you, the client. You know what you’re going to pay before you have to pay it. Now for income taxes, you’ll be charged an initial deposit which is then applied towards your final service invoice and to provide you with the most accurate quote, we’re going to need a few pieces of information from you to get started and those include first your entity type.

Are you an LLC, a C Corp, an S Corp or something else? Then next we’re going to need to know the years that you need your taxes to be filed. Sometimes you don’t file for years prior and you may need a few years filed at once. From there. We’re going to need an estimate of your total income and expenses for the year. Now it doesn’t need to be down to the dollar to the penny, but the closer you are and understanding where your total income and expenses are for the year will help us provide a more accurate and thoughtful quote for your tax preparation. From there, we’re going to also need to understand which business vertical you’re in. Are you a cultivator or retailer, a manufacturer, distributor, or are you a fully vertically integrated business? Then from there we’re going to need to know what your turnaround time is.

Most businesses can stick to a normal timeline of a few weeks of preparation, but if you’re under any time constraints or pressures, let us know. We can prepare your taxes quicker if necessary. And lastly, we’re going to need to know the number of partners within the business. If this is an LLC. Now, once we get this information, we can generate a price quote for you. Share that with you, get your approval, get your deposit and then get started on your tax preparation in filing, which brings me to the next topic is what to expect throughout the process of working with GreenGrowth CPAs. Now you’ll be working with a project manager and a tax professional to navigate through the process. You’ll have your own client portal using a secure document storage system where you can log in to share and download documents, respond to requests from our team and e-sign your tax filing documents.

It’s simple, secure and easy to use and keeps your information safe. Now to get started with the tax preparation, we’re going to also need a little bit more information so we’re going to need your prior year tax returns if that’s applicable. If you’ve been open for a few years, we’re going to need a full list of your income as well as your expenses. We’ll then need some corporate filing documents, things like articles of incorporation, your state permit number, your EIN and all supporting tax documents such as 10 90 nines interest statements, W2’s and things like that. And depending on the vertical of your business, we may need additional information throughout the process to create more accurate allocations of expenses and other things that can put you in the best tax position possible. Now once we have all of your information, our tax pros, we’ll get started on preparing your tax return.

This time can be as short as a few days if we have everything we need or it can go on for weeks depending on how quickly you can turn around the information we need to create support for that tax preparation. Now after the tax return is prepared by the initial tax professional, one thing about our business is that we have another tax professional review the return with a second set of eyes, and then we’ll ask you to review your completed draft tax return. So you’re going to get two tax professionals to review the return. One that completes it, one that reviews it for accuracy, and then you finally get to see it to make sure that nothing falls through the cracks and things are done accurately and compliantly. Now once you get your tax return and it can review it, this gives us a chance to answer all of your questions before finalization of the return.

This is where you can ask why this number was like that or why don’t we put this here and any other questions that help you feel like you’re getting the full value out of your tax service. And once you approve that return, we move on to the final steps. So let’s dig into what those final steps are. Now again, once you’ve approved that return, just a few more things before we file. So first we’ll issue you an invoice according to the quoted price that we gave you at the beginning of the engagement. We’ll also send over final signature requests for [inaudible] authorization, and once we’ve received payment in signatures, we’ll file your return for you and you’ll receive a final e-file confirmation and continued access to view and download copies of your return if you ever need it down the line for any purposes. So hopefully this video has helped you to understand our cannabis industry expertise in the process of working with GreenGrowth CPAs with your cannabis business tax filings. Now, if you need help with filing your cannabis business taxes or you’re ready to move forward, or you have any questions that you need answers to, then please reach out to us via our website at greengrowthcpas.com or give us a call at (800) 674-9050 you can chat with one of our team members, get your questions answered, and then when you’re ready to move forward, engage GreenGrowth CPAs to help with your tax preparation and filing services for your cannabis business. Again, visit our website greengrowthcpas.com or give us a call at (800) 674-9050 have a great day and we’ll talk to you soon.

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