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Business owners and growers in the cannabis industry are facing unprecedented times of demand from consumers, with new stores opening all throughout the United States. Whether you are overseeing an independent company or a company-owned store, you'll need to rely on specific accounting protocols for everything to run smoothly.
As more states legalize cannabis, the market continues to grow. Retail sales were expected to reach around $15 billion by the end of 2020, a 40% increase over 2019. Estimates show that total U.S. sales could reach as much as $37 billion by 2024. With the market experiencing such significant growth, it’s catching the attention...
Running a business is hard work. If you run a cannabis or hemp business, it’s often even harder. There are so many strict rules and regulations to keep track of to stay compliant. On top of that, banking is much more challenging. As a cannabis or hemp business, you need to stay on top of your financials to maintain compliance. Having an understanding of good accounting practices can help.
When running your cannabis business, you may have plenty of occasions when cash flows through your hands. Petty expenses like pizza for the crew or quick payments for small sales can add up faster than you think — and you must account for it all.
While any business has the possibility of either wild success or complete failure, those in the cannabis industry have likely seen both extremes. That's because this relatively new industry is overseen with contradictory regulations, evolving attitudes, and localized political will. Imagine if small franchise restaurants or pharmacies had to worry about changing tax deductions and regulations that may negatively impact their business like the cannabis industry.
MONTHLY ACCOUNTING & TAX ADVICE FEATURED IN THE HAPPY MUNKEY NEWSLETTER #8 One of the most important financial decisions you can make for your cannabis business is selecting the right accountant to handle your monthly financial preparation and even more important, your year-end taxes. It is for this reason that we are giving you the list of questions below to use as a guide when interviewing and hiring an accountant for your cannabis business
As a cannabis business owner, you have a lot of laws and regulations to follow. It’s easy for accounting to fall by the wayside. If you haven’t been staying on top of your books, now’s the time to start cleaning them up. Here’s why it matters. Ensuring Cannabis Compliance....
Were you one of the millions of businesses that filed for an extension two weeks ago or back in March that still has not gotten around to starting work on your 2019 taxes? If you were, I would HIGHLY recommend that you contact your accountant or tax preparer sooner than later, because just like everything else in 2020, this is a very strange tax season for accountants.
How to Defer Taxes While Taking Cash out of Your IRA to Invest in Real Estate or Other Business Opportunities
July 16, 2020by Harry Shurek
Are you looking for a way to diversify your IRA? While stocks and bonds are popular investments, you might consider investing in real estate to generate extra income. Many individuals view real estate as an intelligent, long-term investment that protects portfolios against market volatility and inflation.
