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cannabis
CPA Andrew Hunzicker Creates Course in Cannabis Accounting
“This industry is very underserved by accountants.”
By Liz Gold
cannabizcpa.pro
Andrew Hunzicker has created a course to teach other CPAs, accountants and bookkeepers what they need to know to break into the cannabis industry.
MORE ON CANNABIZ: Jim Marty: Building a National CPA Firm for the Cannabis Industry | CPA Kim Walker: ‘We Can’t Be Afraid of Diving into Marijuana’ | A CPA’s Unexpected Journey into the Cannabis Industry | Billion-Dollar Questions: Cannabis FAQ for Accountants | The Wild World of Weed: Tax Season Never Ends
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The online six-week course, dubbed the Green Accounting Firm Startup Training Program, launched this month and participants will learn everything from the unique pain points facing cannabis CEOs to the basics of compliance and licensing. The idea is to help other accountants move into the industry.
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Cannabiz CPA: Dani Espinda Chooses Option Number Three
Building out a cannabis practice with a spin-off entity called ACT Resources.
By Liz Gold
cannabizcpa.pro
Cannabis CPAs who are entering this booming industry usually need to figure out how to structure their practice: Do they focus exclusively on cannabusinesses? Just create a new niche industry practice and hope their clients won’t raise eyebrows? Or, create a separate entity within an already established firm?
MORE CANNABIZ for PRO MEMBERS: Jordan Cornelius: Guiding Cannabiz Clients through Minefields | A CPA’s Unexpected Journey into the Cannabis Industry | The Two Crippling Compliance Issues for Cannabis Industry | Wayne Harding: From Tech Boom to Cannabis Boom | Billion-Dollar Questions: Cannabis FAQ for Accountants | Ready or Not: CPA Firms Find New Opportunity in Booming Cannabis Industry | America’s New Breed of Cannabis CPAs [VIDEO] | Pioneering Cannabiz CPA Warns: Tread Softly | IRS Section 280E & Marijuana: Tax Limbo or Hell? | The Rise of a Cannabiz CPA | CPA Cannabiz Boom | The Wild World of Weed: Tax Season Never Ends | What’s a Cannabiz Worth? Ask a CPA.
For Rhodes & Associates, the third option made the most sense.
Jordan Cornelius: Guiding Cannabiz Clients through Minefields
- Cornelius: “I’ve seen operators get angry, cry, put their businesses up for sale.”
Archaic laws and regulations plague booming new industry.
By Liz Gold
cannbizcpa.pro
The two biggest challenges facing businesses following the green rush in Colorado today?
Taxes and banking.
MORE CANNABIZ for PRO MEMBERS: A CPA’s Unexpected Journey into the Cannabis Industry | The Two Crippling Compliance Issues for Cannabis Industry| Wayne Harding: From Tech Boom to Cannabis Boom | Billion-Dollar Questions: Cannabis FAQ for Accountants | Ready or Not: CPA Firms Find New Opportunity in Booming Cannabis Industry | America’s New Breed of Cannabis CPAs [VIDEO] | Pioneering Cannabiz CPA Warns: Tread Softly | IRS Section 280E & Marijuana: Tax Limbo or Hell? | The Rise of a Cannabiz CPA | CPA Cannabiz Boom | The Wild World of Weed: Tax Season Never Ends | What’s a Cannabiz Worth? Ask a CPA.
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When operators first get into the industry, everybody is looking at the top line and are not too concerned with taxes, says Jordan Cornelius, owner of Cornelius CPAs in Denver, Colorado.
“It’s a problem, taxes are a huge deal,” he says.
Pioneering Cannabiz CPA Warns: Tread Softly
CPA Luigi Zamarra says the industry is fraught with dangers.
By CPA Trendlines Research
There’s a whole lot of shake-up going on in the biggest new niche in the accounting business. It’s the cannabiz—the legal planting, harvesting, processing and selling of that federally illegal substance, cannabis, whether for medicinal or recreation purposes.
MORE on THE CANNABIS NICHE: A CPA’s Unexpected Journey into the Cannabis Industry | The Two Crippling Compliance Issues for Cannabis Industry | Wayne Harding: From Tech Boom to Cannabis Boom | Billion-Dollar Questions: Cannabis FAQ for Accountants | Ready or Not: CPA Firms Find New Opportunity in Booming Cannabis Industry | America’s New Breed of Cannabis CPAs [VIDEO] | IRS Section 280E & Marijuana: Tax Limbo or Hell? | The Rise of the Nation’s Top Cannabiz CPA | CPA Cannabiz Boom | The Wild World of Weed: Tax Season Never Ends | What’s a Cannabiz Worth? Ask a CPA. | More for PRO Members…
This month, Oregon becomes the fourth state to legalize possession of marijuana for recreational purposes. Recreational use is also legal in Alaska, Colorado and Washington, and several other states allow its use for various medicinal purposes.
But that doesn’t mean it’s legal. According to the U.S. Department of Justice, it’s still a Schedule I controlled substance. And while the IRS doesn’t bust people for possession or use, it does require special accounting and tax treatment.