Tax and business strategies to increase cash flow and ensure full compliance with all applicable states’ rules and regulations.
Our goal at GreenGrowth CPAs is to help individuals and companies in the cannabis industry identify and apply tax and business strategies to increase their cash flow while making sure they are in full compliance with all applicable states’ rules and regulations
The US cannabis industry has experienced remarkable growth in recent years driven by increasing legalization, societal acceptance, and an expanding consumer base seeking both medical
Are you a commercial cannabis business in California looking to take advantage of the High-Road Cannabis Tax Credit (HRCTC)? This credit offers an opportunity for
If you own a cannabis business, you need to know about the IRS rules for reporting your income and paying taxes. Even though it remains
On January 1, 2023, changes are coming to the cannabis excise tax in California. The responsibility for collection and payment of tax to the California
What is a 1099? A 1099 form reports non-employee compensation to the IRS. It is required for any individual or entity paid $600 or more
Follow this checklist to gather everything you need to fill out your cannabis business tax return. You will need your tax returns for prior two
When Colorado legalized cannabis back in 2012, many people thought federal legalization was right around the corner. Unfortunately, in 2022, cannabis companies still face unfair
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
After two years marked by crisis and uncertainty following a global pandemic, financial operators in cannabis find themselves navigating a list of new complications and
California’s cannabis market is seeing some big changes coming to the tax scene. California’s Governor, Gavin Newsom, signed Assembly Bill 195 on June 30, 2022.
We can help save you time and money by:
At its core, tax planning is the analysis of your finances from a tax perspective, with the purpose of ensuring maximum tax efficiency. Some common considerations of tax planning include timing of income, size, timing of purchases, and planning for expenditures.
We advise that you get a trained and experienced cannabis CPA for tax preparation and filing your cannabis business’ state and federal tax returns. No, there is no law or regulation that requires this, we just highly recommend using a cannabis industry certified public accountant to assist with tax planning, tax preparation, and tax filing.
Using an industry professional for this service is vital to ensure that your cannabis operation is compliant and running smoothly. There are many different tax codes and nuances that are cannabis specific–like 280-E–that require an extensive background to understand what they fully mean for you and your business. It is important not to miss this in the early stages of your business, or else you risk failure. Cannabis taxes can be tricky to comprehend due to the complex nature of the industry.
We are operating in an industry that is not recognized as ‘legal’ by the United States Federal Government. So, it is left to the legalized states to implement certain laws, regulations, and tax codes for cannabis businesses. GreenGrowth CPAs can help prepare your business for an external audit by organizing and preparing the required documents necessary to show an external auditor if it were to happen.
Yes, CPAs are investments. Now, we know it’s no secret, GreenGrowth CPAs are not the cheapest when it comes to tax preparation fees. Our real value is in what we can save you on your taxes when you leverage our cannabis industry experience.
With a general CPA, you can save on the initial prep fees and will feel like you’re getting a deal when you compare them to our prices. But you’re more likely to have a bigger tax bill with that generalist CPA.
With GreenGrowth CPAs, it is a bit more upfront costs on preparation, but you are more likely able to unlock incredible tax savings because we know what we are looking for and how to help your specific type of business.
These tax savings we find for your cannabis business are something that you can take advantage of EVERY YEAR. And the more revenue you generate, the higher the potential tax savings we can recapture for you. Where else can you invest money and get back a 3x, 5x, or even 8x return on your investment?
Tax preparation and planning in the cannabis industry requires every business to prepare their company’s quarterly and annual taxes for the state and federal government, as well as for a potential audit report. Quite simply, if you calculate cannabis sales tax incorrectly (which a majority of operators do), then you will most likely have an auditor at your door getting ready to sift through ALL of your reports and paperwork. This is no joke.
Choosing a CPA in the cannabis industry to file your state and federal tax returns will inhibit anything like this from happening. It is worth the extra money to pay for a cannabis CPA expert to do your taxes so you will not have to deal with an external auditor. Although you can still be audited, you will be prepared and ready to show the auditors correct documentation.
Cannabis CPAs don’t miss any details and nuances. Cannabis business tax planning and preparation consultants follow a step-by-step procedure to ensure that your books are organized and correctly reflect the operations of your company.
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The information contained in this website is meant only for guidance purposes and not as professional legal or tax advice. Further, it does not give personalized legal, tax, investment or any business advice in general. For professional consultation, please sign-up for our services. GreenGrowth CPAs disclaims any and all liability and responsibility for any and all errors or omissions for the content contained on this site. Please review our privacy policy here.