What Cannabis Clients Should Look for in an Accountant

portrait of Harry Shurek
Harry Shure, EA

Beware of pricing by phone.

By CPA Trendlines Research
Cannabizcpa.pro

The production and distribution of cannabis is the newest and most variegated industry in America. Some would even say it’s one of the toughest industries in America in which to do business.

MORE ON CANNABIZ: Suchoff Takes Cannabis Accounting Passion National | Why Are CEOs So Confused? | Kareyna Miller Mines Michigan Cannabis Niche | Cannabis: THC vs. CBD Critical Differences | New to Cannabis? Maybe a Joint Venture Is the Answer | Cannabiz Meets Intellectual Property Protection | Green Bits: Helping Cannabis Retailers Stay Compliant | Silver Leaf CBC: An ERP Platform for Cannabis Companies | CohnReznick Goes National on Cannabis
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It’s illegal everywhere yet legal in some places, but not legal the same way in all places. The federal government considers it a Schedule 1 narcotic right up there with heroin and LSD, yet the Internal Revenue Service is perfectly willing to collect taxes on companies that handle the product.
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Suchoff Takes Cannabis Accounting Passion National

Portrait of Sandy Suchoff
Suchoff

She cites the usual complicators: 280E, the dearth of banking services.

By CPA Trendlines Research
Cannabizcpa.pro

Sandy Suchoff’s initial interest in cannabis came when a family member had an immune deficiency condition. The treatments seemed almost as hazardous as the disease itself.

MORE ON CANNABIZ: Why Are CEOs So Confused? | Everything You Wanted to Know about Dispensary Accounting but Were Afraid to Ask | ‘High Times’ at AICPA | CPA Cathro Goes 90% Cannabiz in the Bay State | Why Jax Wheatley Shifted from LBGTQ to Cannabis Clients
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Medications came with lists of serious side effects and often conflicted with each other. But from what Suchoff read – and she read a lot – cannabis could do a world of good without threatening harm.
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Why Are CEO Clients So Confused?

Business hand holding hot chart in crystal ballYou just need to be a little bit of a mind reader.

By Andrew Hunzicker
Cannabizcpa.pro

Why are CEOs so confused about what they want from their bookkeeper, accountant, tax CPA or CFO?

MORE: Everything You Wanted to Know about Dispensary Accounting but Were Afraid to Ask | 5 Do’s and Don’ts for Cannabis CPA Marketing | Cannabis: THC vs. CBD Critical Differences | 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 | CPA Andrew Hunzicker Creates Course in Cannabis Accounting
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Here’s what they tell me they want:

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Everything You Wanted to Know about Dispensary Accounting but Were Afraid to Ask

Plus why trying to beat 280e isn’t worth it.

By Andrew Hunzicker

Accounting for a dispensary turns out to be quite a challenge for the cannabis accountant.

MORE: 5 Do’s and Don’ts for Cannabis CPA Marketing | Cannabis: THC vs. CBD Critical Differences | 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 | CPA Andrew Hunzicker Creates Course in Cannabis Accounting
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There are many issues, both GAAP and tax, as well as state-level compliance issues that must be understood as well.

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Do’s and Don’ts for Cannabis CPAs

Portrait of Kevin Michaelan
Michaelan

Q&A with Kevin Michaelan: “The complexity and risks cannot be understated.”

By CPA Trendlines Research
CannaBizCPA.Pro

Kevin Michaelan, CPA, MST, is the director of cannabis practice at AAFCPA, a leading CPA and consulting firm based in Boston with national & global reach. Massachusetts recently authorized sales of cannabis for recreational use, and the first retail stores opened last year.

MORE at CannaBizCPA.Pro: Kareyna Miller Mines Michigan Cannabis Niche  | High Times at AICPA | 5 Do’s and Don’ts for Cannabis CPA Marketing | Cannabis CPA Readies for When Maine ‘Goes Recreational’ | Integrity Wins in Cannabis Accounting  |  More at CannaBIzCPA.Pro
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Here Michaelan offers CPA Trendlines insights into some of the technicalities of accounting for cannabis businesses.

Q: How is your firm involved in the cannabis industry?

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Kareyna Miller Mines Michigan Cannabis Niche

Portrait of Kareyna Miller
Miller

Teach your clients standard procedures.

By CPA Trendlines Research

Even before they were allowed to open their doors, over 2,000 new businesses in Michigan were applying for a license to sell marijuana under the state’s new recreational cannabis law effective Dec. 1.

MORE ON CANNABIZ: ‘High Times’ at AICPA | 5 Do’s and Don’ts for Cannabis CPA Marketing | Cannabis CPA Readies for When Maine ‘Goes Recreational’ | Integrity Wins in Cannabis Accounting
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Kareyna L. Miller, CPA, is a big believer in the medical benefits of cannabis. As Michigan went forward with commercial business laws, she started looking into the industry from an accounting perspective. What she saw was burgeoning upstarts working in an environment of financial and legal confusion.
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‘High Times’ at AICPA

Click here for the full report (PDF)

AICPA embraces opportunities and warns of risks.

By CPA Trendlines
The Cannabis CPA

Not long ago, the last thing you’d expect to see on the cover of an AICPA report would be images of marijuana leaves and cash, along with a rather edgy headline: “Marijuana and forensic accounting—high time for CPAs?”

More on Cannabis: 5 Do’s and Don’ts of Marketing Yourself as a Cannabis Accountant  |  Cannabis: THC vs. CBD Critical Differences  |  CPA Cathro Goes 90% Cannabiz in the Bay State  |  Cannabis CPA Readies for When Maine ‘Goes Recreational’  |  New to Cannabis? Maybe a Joint Venture Is an Answer  |  Formulating New Guidance for Cannabis Clients  |  Integrity Wins in Cannabis Accounting  |  Cannabiz Meets Intellectual Property ProtectionMore > > >

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The quarterly “AICPA Forensic and Valuation Services” report is dedicated exclusively to the provision of services to businesses committing a federal felony, though at the state level, it’s not a crime…it’s an opportunity.

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5 Do’s and Don’ts for Cannabis CPA Marketing

Save the brand building until you have a few clients.

By Andrew Hunzicker
Cannabizcpa.pro

So you’ve decided that you want to take the plunge and dive into cannabis accounting. Great!

MORE: Cannabis: THC vs. CBD Critical Differences | 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 | CPA Andrew Hunzicker Creates Course in Cannabis Accounting
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While these are new and exciting times, it is completely understandable if you have concerns about promoting your business within your personal and professional networks.
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Cannabis: THC vs. CBD Critical Differences

How they are different and what accountants need to know.

By Andrew Hunzicker
CPA Trendlines Cannabis

When you look at a cannabis plant and a hemp plant side by side, the plants themselves look identical to an untrained eye, making it a bit challenging to identify, as the real difference lies in the chemistry of the plants.

But to the accountant, the differences a critical.

See more from CPA Trendlines CannaBizCPA.Pro here

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Get Hunzicker’s FREE download:How to Find and Connect with Cannabis CEOs in 5 Steps

Issues include clients in many verticals – cultivation, chemical manufacture, product manufacturing, labs, and retail – cost accounting, consolidations, and multi-entity issues, banking, software, and cash management, to name just a few.

And the tax and compliance issues are actually more complex for Hemp/CBD products than for cannabis products.

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