cannabis

CPA Andrew Hunzicker Creates Course in Cannabis Accounting

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Portrait of Andrew Hunzicker
Hunzicker

“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

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Espinda

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?

GoProCPA.comMORE 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.

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For Rhodes & Associates, the third option made the most sense.

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Jordan Cornelius: Guiding Cannabiz Clients through Minefields

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    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.

For sitewide access, log in here or upgrade to PRO today.

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.

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Pioneering Cannabiz CPA Warns: Tread Softly

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Portland highway sign with marijuana leaf

CPA Luigi Zamarra says the industry is fraught with dangers.

By CPA Trendlines Research

cannabizcpa.pro

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.

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IRS Section 280E & Marijuana: Tax Limbo or Hell?

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Colorado marijuana tax forms and money
Colorado tax forms

 

Cannabis complications for CPAs, clients and consumers.

By Justin P. Breidenbach
cannabizcpa.pro

Providing a client with tax services can be hard work.  Things get especially difficult when an accountant becomes the bearer of bad news. It’s never easy informing a client that they owe unexpected or, what the client believes to be, unreasonable taxes.  Imagine a situation where you had to tell a client that their effective tax rate is 70%, 90%, or even exceeds 100%.

I expect some may be reading this and asking themselves, “What tax hell would require a taxpayer to pay an effective rate exceeding 100%?”  I am here to inform you that this does exist, and in the marijuana industry it is known as Section 280E.

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A CPA’s Unexpected Journey into the Cannabis Industry

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marijuana cannabis and dollars Dollarphotoclub_66817773 b

Accountants at a crossroads in serving clients in an emerging industry.

By Justin P. Breidenbach
Ohio Wesleyan University

Being a CPA and academic, it’s not unusual to answer unique questions related to accounting. Whether they’re questions about taxes, financial statements, internal controls, or just understanding operational efficiencies, people are usually trying to understand the various paths to success through the numbers — or they’re looking for a secret nugget of information that will keep more cash in their pocket.

Inquiries like that are all in a day’s work for an accountant. I’ve discovered that there are few surprises, and eventually the promise of a new and exciting question fades away.  Although I constantly tell people how accounting is more than just debits and credits, I feel like we all have times where monotony sneaks its way into our professional life.

That all changed for me two years ago, when I got a question that not only surprised me, but wasn’t easily answered without some extensive research.

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