Marcum LLP: Moving Forward in Cannabis with Confidence

Portrait of Gary Rosen
Rosen

The firm is open about its new services group.

By Liz Gold

Legal recreational cannabis is coming to New Jersey – as soon as this year. And when it does, hundreds of millions of dollars in potential tax revenues will start flowing to the state beginning in 2020.

MORE ON CANNABIZ: Mark Guiley Oversees New Cannabis Niche | Cannabis Trends: What CPAs Need to Know for 2018 and Beyond | PODCAST: Rich Wortmann Pioneers in Pennsylvania | Five Secrets to Launching Your Own Cannabis Accounting Firm | Corporate to Cannabis: Laura Durham of Kind Accounting | Ben Condon on Launching a Cannabis CPA Firm: ‘The Opportunity Presented Itself’ | CPA Simone Cimiluca-Radzins Launches 'LinkedIn of Cannabis' | Jim Marty: Building a National CPA Firm for the Cannabis Industry | Jordan Cornelius: Guiding Cannabiz Clients through Minefields
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Marcum LLP is ready.
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True Diversity Means Creating Equity

Woman opens door to find brick wall behind itWho is trying to get in the room but can’t?

By Liz Gold
in From Success to Significance: The Radical CPA Guide

So, we know you can’t just put the diversity and inclusion phrase on marketing materials and call it good. There needs to be some substance behind the claim.

MORE ON RADICALISM: A Legacy of Leadership Must Extend to Diversity | 5 Ways to Create a More Diverse and Inclusive Workplace | Goals, Goals, Goals | 3 Challenges in Shifting to Product Management | Productized 1099s the New Vision Way | Why Our Clients Need Us to Be Radical
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Part of that substance includes looking at the word “equity” and considering how you can provide equitable opportunities and growth potential to every individual in your firm.
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Mark Guiley Oversees New Cannabis Niche

Portrait of Mark Guiley
Guiley

The firm talked to its insurance company first.

By Liz Gold

Mark Guiley is a tax manager at Isler CPA in Eugene, Oregon. And he’s the point person for the firm’s newly budding cannabis practice.

MORE ON CANNABIZ: Cannabis Trends: What CPAs Need to Know for 2018 and Beyond | Tom Achor: At the Intersection of Cannabis Accounting and Technology | PODCAST: John Repetti and Mitzi Hollenbeck of Citrin Cooperman | 4 Best Things About Being a ‘Dope’ Accountant | Five Reasons Accountants Should Serve Cannabis Clients | The Fire Starter: Groundbreaking Cannabis CPA Luigi Zamarra | CPA Kim Walker: ‘We Can’t Be Afraid of Diving into Marijuana’
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Though cannabis has been legal in Oregon since 2014, the firm recently decided to start serving cannabis clients late last year.
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Cannabis Trends: What CPAs Need to Know for 2018 and Beyond

Booming new niche where opportunity meets complexity.

Walsh

By Liz Gold
cannabizcpa.pro

Cannabis startup costs are on the rise, as cultivators, vertically integrated retailers and laboratories are spending upwards of $1 million just to launch, making the sector as potentially treacherous as it is potentially lucrative for many tax and accounting firms on the leading edge of the booming new industry.

MORE at CPA Trendlines' cannabizcpa.pro Tom Achor: At the Intersection of Cannabis Accounting and Technology  |  Jessica Velazquez on Cannabis Accounting and Activism  |  PODCAST: Rich Wortmann Pioneers Cannabis in Pennsylvania  |  PODCAST: John Repetti and Mitzi Hollenbeck of Citrin Cooperman  |  PODCAST: Jim Marty and Cory Parnell Go National  |  PODCAST: Drew Dearlove Talks about the Cannabis Business    |  4 Best Things About Being a ‘Dope’ Accountant  |  5 Biggest Mistakes Cannabis CEOS Make  |  Five Secrets to Launching Your Own Cannabis Accounting Firm  |  Five Reasons Accountants Should Serve Cannabis Clients  |  Derek Davis Keeps California Cannabis Clients Informed

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The budding industry is confounded by differing regulatory models emerging nationally for both medical marijuana and adult use programs. But it’s clear – those cannabusinesses that are succeeding have help. More accountants are moving into the cannabis space, helping clients develop a sound financial infrastructure, a regular accounting and bookkeeping process and a solid understanding of IRS Tax Code 280E.

That said, there is so much up in the air.

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A Legacy of Leadership Must Extend to Diversity

Latina businesswoman using earpiece with businessmen in backgroundOpportunity needs to be available to everyone.

By Liz Gold
in From Success to Significance: The Radical CPA Guide

Though it is slowly changing, most accounting firms are traditional in the sense that they are still owned and managed by white, Baby Boomer-aged men wearing nice suits and ties. It’s been the go-to standard for decades. Slowly, I would argue, more hoodies and hip sneakers are taking over the suits, as is common in startup culture, but this obviously depends on the firm and its customers.

MORE ON RADICALISM: 5 Ways to Create a More Diverse and Inclusive Workplace | Creating More Diversity in Accounting Firm Leadership | Accodex Sets Up a Platform for Practice Management | Product Management: Start with These 6 Steps
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And while technology may be changing at the speed of light, firm processes are getting more streamlined and even more firms are looking to value pricing because they just understand the limitations of timesheets, change also needs to be happening from a talent and business development perspective.
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Creating More Diversity in Accounting Firm Leadership

Donny C Shimamoto, CPA CITP IntrapriseTechKnowlogies
Shimamoto,

A Q&A With Donny C. Shimamoto, CPA, CITP, CGMA, and managing director of IntrapriseTechKnowlogies LLC. 

By Liz Gold

Liz Gold: Do you think the profession is getting better in terms of more people of color in leadership positions? Why or why not?

MORE ON RADICALISM: Embrace Difference and Diversity | Goals, Goals, Goals | Happy Tax: Why You Need to Know Its Name | 3 Challenges in Shifting to Product Management | Tips from a Veteran Product Manager | Productized 1099s the New Vision Way | Karbon Builds a Practice Management Platform on Steroids | Why Our Clients Need Us to Be Radical | Introducing the Fifth Radical Tenet: The Business Model | The Value of New Ideas | Our Pain Points Are Opportunities | Dear Midsized Firms: Yes, You Can Change | The Radical Road to (Business) Transformation | Transitioning to a Radical Firm: Bringing a Legacy Customer Along | The Four Tenets of Radical Firms: A Brief Review | The Radical CPA: Always Changing
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Donny Shimamoto: The profession is getting a little better, but there is a distinct lack of Asian-American professionals in leadership positions in the AICPA volunteer ranks.
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Tom Achor: At the Intersection of Cannabis Accounting and Technology

Portrait of Tom Achor
Achor

Better information through automation is his goal.

By Liz Gold

Tom Achor, CPA, CITP, isn’t your typical CPA. While he still keeps up his license in Oregon, he spends his time consulting at the intersection of accounting and technology.

MORE ON CANNABIZ: Jessica Velazquez on Cannabis Accounting and Activism | PODCAST: Rich Wortmann Pioneers in Pennsylvania | PODCAST: Drew Dearlove Talks about the Cannabis Business | Five Secrets to Launching Your Own Cannabis Accounting Firm | Corporate to Cannabis: Laura Durham of Kind Accounting | Ben Condon on Launching a Cannabis CPA Firm: ‘The Opportunity Presented Itself’
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And while he doesn’t market his firm, Revolution Accounting and Advisory, as a cannabis-specific CPA firm per se, he does work with larger cannabis clients – helping them find and optimize the best technology for their needs.
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Embrace Difference and Diversity

Woman working on tablet in officeWhy didn't I speak up? Because I wanted to be a team player.

By Liz Gold

Difference comes in many forms. Race, gender identity, sexual orientation, religion, age, ability, learning style, personality – these characteristics are just a few of the many that make us who we are, yet isn’t it amazing that many of us only bring a fraction of ourselves to work?

MORE ON RADICALISM: Goals, Goals, Goals | Accodex Sets Up a Platform for Practice Management | Product Management: Start with These 6 Steps | Product Management Meets Strategy | Transitioning to Radical: How Carl Famiglietti Did It | How to Develop Productized Services
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Diversity is a loaded word. August de los Reyes is the head of design and research at Pinterest. In a TechCrunch video, he talks about the connotative baggage that comes along with the term “diversity,” preferring to take the term in the literal sense.
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Jessica Velazquez on Cannabis Accounting and Activism

Portrait of Jessica Velazquez
Velazquez

Her concerns stretch from regulatory framework to the particular needs of minorities.

By Liz Gold

It was a fusion of life experience and natural skill that thrust Jessica Velazquez, CPA, founder and CEO of Indiva Advisors, into accounting.

MORE ON CANNABIZ: PODCAST: Rich Wortmann Pioneers in Pennsylvania | PODCAST: John Repetti and Mitzi Hollenbeck of Citrin Cooperman | 4 Best Things About Being a ‘Dope’ Accountant | Five Reasons Accountants Should Serve Cannabis Clients | The Fire Starter: Groundbreaking Cannabis CPA Luigi Zamarra | CPA Marcena Sorrels: From Health Care in Texas to Cannabis in Oregon | SURVEY: N.J. CPAs Support Recreational Cannabis | CPA Kim Walker: ‘We Can’t Be Afraid of Diving into Marijuana’
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A first-generation Mexican American, Velazquez is the second oldest of eight, lending a hand in a busy family clothing wear business. At the age of 15, when her parents got audited, she was able to serve as translator and bridge the language gap between her family and the IRS agent.
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PODCAST: Rich Wortmann Pioneers Cannabis in Pennsylvania

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Rich Wortmann is proud of his cannabis clients.

And his firm, RW Group, is leading the way in Pennsylvania, helping clients navigate tax, banking, and other complicated business issues.

His word of advice for them? Hire a CPA at the beginning.

Liz Gold caught up with Rich at MJBizCon Next in New Orleans to talk about his growing cannabis practice.

Get more CPA Trendlines podcasts here.
And more on the cannabis niche at CPA Trendlines cannabizcpa.pro

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PODCAST: John Repetti and Mitzi Hollenbeck of Citrin Cooperman

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Citrin Cooperman takes on the cannabis niche.

We catch up with the Citrin Cooperman executives at their booth at MJBizCon Next in New Orleans about why they took the plunge and how the calls keep coming.

Get more CPA Trendlines podcasts here.
And more on the cannabis niche at CPA Trendlines cannabizcpa.pro

Join us for candid conversations with top trendsetters
Subscribe on iTunes