Green Bean CFO tackles the common problem of IRS Form 8300.
By Liz Gold
CannaBizCPA.Pro
“A savvy CEO owner knows that a world-class cannabis finance and accounting team is a necessity and a competitive advantage,” writes Brian Whalen, CPA in the opening to his book, “Cannabis Entrepreneurs’ Guide to Accounting, Taxation & Financial Compliance.”
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“There is only one right way to do cannabis accounting,” he writes. “Doing accrual/cost accounting in accordance with Generally Accepted Accounting Principles (GAAP) ensures that you pay as little tax as possible, are always state compliant and IRS audit-ready, and have financial statements ready for securing investors and lenders. In addition, performance metrics can be harnessed from your financials and used to set goals for operations and management.”
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