If you own a legal cannabis business, getting customers won’t be a problem. Finding an accountant who knows the industry well? That’s a totally different ballgame.
At FSL Tax & Accounting, we’ll work with you to make sure your business is positioned to grow and thrive in a billion-dollar market. Rather than investing your own time, trying to make sense of how tax liabilities work in this niche industry, let us do the work!
What makes cannabis accounting so different from other business accounting? The sale of cannabis products is legal in several states but not on a federal level. This means that normal tax deductions for things like production costs do not apply. In addition to this, legal cannabis businesses are at a higher risk of being audited, so your records need to be in top shape!
No matter which state your cannabis business is located in; we can provide you with the tax and accounting services you need to run your cannabis business. We use GAAP (Generally Accepted Accounting Principles) Accounting methods which allow us to use a financial reporting structure that is industry-specific. This means if the IRS comes knocking, you will be more than ready. Also, you can relax knowing that every little detail has been accounted for!
We’ll save you time, stress, and money as we guide you through things like tax planning and bookkeeping.