Our Response to COVID-19

Our firm has held off on posting an official statement in response to COVID-19.  Until late last week we were operating business as usual during tax time, with little time to spare for much else during the crunch that March and the first half of April always are.  We know too that everyone was probably…

Hemp accounting

Hemp Accounting vs. Marijuana Accounting

Hemp Accounting vs. Marijuana Accounting:  What are the differences?   Until recently, hemp and marijuana businesses generally applied similar accounting methods and assumptions.  Both cannabis sativa, in general hemp plants have less than .3% THC and marijuana plants have more.  Producing and selling industrial hemp is legal in the United States under the 2018 Farm…

Professional Cannabis Industry Bookkeeper

Benefits of Working with a Professional Bookkeeper

Benefits of Working with a Professional Bookkeeper for your Cannabis Business   Cannabis businesses should work with a professional bookkeeper and CPA who understand their industry niche thoroughly.  Complex tax laws, state legislation, and increased scrutiny require successful companies place a high priority on applying accounting best practices.  A professional bookkeeper specializing in the cannabis…

Section 280E and The Marijuana Industry

Section 280E and The Marijuana Industry   Section 280E & the Marijuana Industry: This presentation was originally presented at the Small Firm Practitioners Conference, hosted by the Michigan Association of CPAs on August 14, 2019.  Learn about the application of Internal Revenue Code §280E for marijuana businesses and how costing for inventories under §471 effects…

280E and Microbusinesses- What you need to know!

This article was originally written for Marijuana Micro Business. Please visit MarijuanaMicroBusiness.com for more information. Are you considering operating a marijuana microbusiness under the Michigan Regulation and Taxation of Marihuana Act (MRTMA)? If so, having an understanding of financial and tax implications in this regulated industry is critical for success.  Tax regulations, such as IRS…

Compliant Accounting System

Setting Up & Maintaining a Compliant Accounting System

Setting Up & Maintaining a Compliant Accounting System — A compliant accounting system requires much more than tracking receipts and entering transactions into a box software or spreadsheet.  With good intentions, new businesses generally implement basic accounting processes as their activity develops and the need arises.  Too often however, the accounting processes quickly get pushed…