Tax Relief Blog
Cannabis-based businesses are some of the fastest growing business sectors in the country. With more and more states legalizing medical marijuana and also recreational use, dispensaries and grow operations are popping up all over. Unfortunately, there are a number of things that makes a cannabis business a challenge is that there are many unique situations that go into running an all-cash operation. You need to get EA, CPA help with Cannabis Accounting & Tax if you are going to have a thriving cannabis-based business in Los Angeles or Southern California.
Along with the accounting issues, it is one of the most heavily regulated industries in the country. That makes compliance and even more important consideration that funding. The last aspect is the taxes that have to be carefully monitors. The state and federal government each have their tax laws to consider and you have to be sure that you are dotting all your “I” and crossing all your “T”.
Get a free evaluation today at 1-877-788-2937.
Compliance, Taxes, and Bookkeeping
You never want to go it alone when it comes to starting growing a business and that is especially true when it comes to a Cannabis-based business. It is extremely easy to run into trouble with the IRS if you don’t have a very good grasp of the enormity of importance of staying in compliance with all local, state and federal rules and guidelines that were established to keep everything under control.
Compliance, compliance, compliance – With so many rules, regulations and laws that are constantly changing you have to stay on top of all them. If you are not careful and fail to comply with even the most mundane regulation you will risk being shut down. That is not the way to run a business and should be avoided at all cost.
One way to be sure that you are on top of is to hire a CPA, EA firm that knows the Cannabis Accounting and Tax business inside and out. They have the years of experience with the local, state and federal rules, regulations and laws to be able to help guide you through the process of setting up and maintaining your Cannabis-related business in Los Angeles or Southern California.
Taxes have to get paid – The IRS is one of the most important governmental agency to any business regardless of the industry. This is because you must pay your taxes to avoid penalties and other punishments. With our tax laws constantly changing all the time it is not the easiest thing keep on top of, but failure to pay all of your company’s tax liabilities can be devastating to your business. This is another way our Cannabis Accounting & Tax firm can help you navigate the confusing tax laws. We can help you stay compliant with good record keeping, schedule all of your tax payments to be sure you are on time.
Bookkeeping is where the business starts – Good bookkeeping practices is extremely important with an all cash business like a Cannabis-based business. Since no banks will lend money to this type a business since it is technically still considered illegal by the Federal Government, the banks are very reluctant to get involved. This means all money transactions are dealt with in cash, this means more than ever you need to keep very good financial records. So, it is best to work with an EA, CPA firm that has lots of experience with Cannabis Accountant & Tax. They will be able to help track of the money, tax and compliance with all of the ever-changing laws that govern the fairly new Cannabis industry in Los Angeles or Southern California.
Get a free evaluation today at 1-877-788-2937.
