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Do You Really Need A Cannabis Accountant? Find Out Here Now!

An accountant can help you make sure that you are fully compliant with the document needed at the time of audit can push back any unreasonable demand by the auditor.

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Do You Really Need A Cannabis Accountant? Find Out Here Now!

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  1. Do You Really Need A Cannabis Accountant? Find Out Here Now!

  2. When you have an accountant who has relevant industry experience in handling cannabis accounting, he can remove the various roadblocks that the business might be facing. As the number of these businesses is growing by the day and more and more states are working towards legalizing medical and recreational cannabis use and commerce. Most of them face similar issues and here are some of them: Opening Business Bank Account A widespread problem that the cannabis businesses face is getting a business bank account. Cannabis is a controlled substance, and the banks are not too comfortable taking cannabis clients. Even after the state provided the guidelines to the banks, they are not willing to take the risk of having cannabis businesses as account holders and clients.

  3. Keep Out to Trouble Generally accepted accounting principles (GAAP), is a guideline for business to keep their books and account for things like depreciation. It is crucial for the success of any organization. But they are essential for the very survival of the cannabis business, and they are more under the watchful eyes of many. Numerous agencies are actively monitoring them and examining their business practices. SEC and IRS are two agencies which not just have the ability to control them, but they can also levy criminal charges. When you use GAAP in your business, it will help you avoid dire consequences when these agencies decide to examine your book of accounts.

  4. Overcoming Taxing Challenges Every business has to pay taxes, and the laws are always complicated. But the IRS has made things very challenging by limiting what expenses can be charged as deductible. However, when you take the services of an experienced accountant in the cannabis industry, he can help you with tax planning and compliance matters. Besides handling the tax issues, they ensure you are not gaining too much attention. Handling Tax Audits Cannabis businesses are at a higher risk of being audited than rest others. They are always challenging. But it is even more painful when the agency is skeptical about the entire industry.

  5. However, an accountant can help you make sure that you are fully compliant with the document needed at the time of audit can push back any unreasonable demand by the auditor. Finally, A cannabis accountant can save you from many untoward situations and can’t be done away with.

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