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Accounting is a critical component of all businesses. It’s especially important for hemp and cannabis companies, as there are many complicated state and federal regulations you need to follow.
The problem is that many “regular” accountants and CPAs might be hesitant, or refuse, to work with a hemp or cannabis business. But just because a regular accountant won’t work with you, this doesn’t mean you have to manage all your bookkeeping alone.
Why Would an Accountant Turn You Down?
Regular accountants and CPAs might turn down a hemp or cannabis business client for several reasons. One is the fear of facing disciplinary action.
In most states where cannabis is legal for medical and recreational use, state accounting boards have issued statements saying that accountants won’t face any action simply because they provide services to hemp and cannabis businesses. Even so, cannabis is still illegal at the federal level, which could lead to complications that most professionals don’t want to face.
Another reason an accountant or CPA might turn you down is that they want to maintain their image. If they’re associated with a hemp or cannabis business, they may lose some of their existing clients due to the stigma that still exists regarding the industry.
The hemp and cannabis industry also has many complicated tax laws and compliance regulations, and regular accountants might not be familiar with them. They may turn you down because they don’t want to get your business into legal trouble.
What Can You Do?
Getting turned away by an accountant or CPA can leave you scrambling and wondering what to do next. While you could take care of your own books, you already have enough to manage. You also want to ensure everything is accurate so that you don’t run into legal problems.
Fortunately, there are highly experienced accountants out there, like My Cannabis Accountant, who specialize in bookkeeping and tax preparation for hemp and cannabis businesses.
Having a cannabis accountant on your side provides several significant benefits:
- You know you’re working with someone who understands the intricacies of hemp and cannabis tax laws.
- They can balance your books each month, leaving you free to focus on your business.
- Your business will stay compliant with all state and federal regulations.
- Your accountant will know all the latest rules, as well as any changes that might occur, so you’ll always be on top of things.
- You’ll save time and money, and you’ll avoid a lot of unnecessary headaches.
Find an Experienced Accountant for Your Business
It can be incredibly frustrating — and even frightening — if an accountant or CPA turns you down just because you run a hemp or cannabis business. Fortunately, experienced accountants that specialize in these businesses can help you with all of your accounting and tax-planning needs. For more information, contact My Cannabis Accountant today.
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