We are your trusted partner in the cannabis and hemp business.
Your industry is valued in the multi-billion dollar range, and New York State is positioned to be one of the most lucrative cannabis markets in the United States. However, since the sale of cannabis remains illegal at the federal level, these businesses face unique tax implications.
We will help you navigate tax codes and implications, industry regulations, audit preparation, tax planning, business licensing, outsourced accounting services, and financial statement audits.
Entity Structure Tax Planning and Consulting:
- Review of operating agreements between investors for debt and/or equity agreements and interplay with IRC 280E
- Income tax planning estimates including IRC 280E impact through use of finalized revenue and expense projections
- In-depth analysis of the above and recommendations for entity structure and operating strategy for income tax purposes (C-Corp, S-Corp, LLC)
Federal & NYS Corporation/ Partnership Income Tax Return Preparation:
- Preparation of yearly required tax forms for the chosen entity choice (C-Corp, S-Corp, LLC)
- Yearly review of entity structure still being the most beneficial and interplay with IRC 280E (this can change constantly due to changes to cannabis case law being finalized, Federal/NYS tax law changes, etc.)
- Yearly review of established accounting methods for revenue and/or expenses for tax purposes and interplay with IRC 280E
Monthly Cannabis Sales Tax Returns
Preparation of Form 1099s
Preparation of Federal & NYS Personal Income Tax Returns for Owners
Individual Tax Planning
Client Accounting and Advisory Services
Training and Setup
- Set up QuickBooks, chart of accounts, syncing of payment
systems, bank accounts, etc.
Fully Outsourced CFO/Controller Services
- Bookkeeping and CFO/Controller Services
- Bookkeeping Services only
- CFO/Controller Services
Quarterly Cleanup/Book Checking Work
- First-time review
- Subsequent quarterly reviews
Customized and Ad-Hoc Accounting Services and Consultation
- Billed at standard hourly rates - typically in blocks of 5 hours