the basic cannabis CPA
package
Tax, accounting and bookkeeping.
All for one monthly fee. Stick that in your pipe and smoke it.
Introducing the basic cannabis CPA package. With this monthly subscription package, Greenbooks will cover all of the tax and accounting considerations for your cannabis company. This includes:
All regular tax compliance (federal, state and local filings)
Active tax planning for your cannabis company; working with you to mitigate future tax liability
Full accounting and bookkeeping services, complete with monthly financial statements verified by a CPA
Validated state seed-to-sale tracking information
Have you ever felt like you needed a financial partner to help guide you through your finances and complex tax laws in cannabis? The Basic Cannabis CPA Package is your solution. Building on our Bookkeeping Package, we add essential tax services including annual federal and state filings and quarterly estimates. But that's not all – enjoy unlimited time with our specialized cannabis CPAs and weekly financial meetings to keep your business on the forefront of financial health and compliance.
Specific financial services included in this package:
+ Tax Compliance
Cannabis businesses have an absurd amount of federal and state tax forms to file. A proper tax filing will benefit your organization in both the short and long term. From a short term perspective, staying in compliance with regulatory agencies will alleviate some of the stress of holding on to your license. Many cannabis companies are in a high growth phase and have the potential to post net losses. Long term, when it comes to the possibility of a tax audit, piece of mind is priceless. The last year has seen a large increase in tax audits for cannabis companies for tax periods from 2007-2015. Many of these companies are still in business - or rather, were, until they were taken through the ringer of tax court.
To read more about this service and see it live in action, click here.
+ Tax Planning
Due to the huge tax burden imposed on the industry by 280e, future planning to reduce tax liability is more important in cannabis than in most other industries. Cannabis businesses have been targeted extensively by the IRS as subject to audit in the last year. Failure to use the right strategies leads to large fines, lengthy audits and even prison. Cannabis tax accountants of yesteryear pursued a handful of aggressive tax strategies. We are now feeling the ramifications of those strategies as the IRS is continuously taking cannabis companies to tax court for huge liabilities. Unfortunately for us, they are winning! While state regulations are typically much more lax in comparison, incorrectly filing state taxes can be detrimental to your organization as failure to pay the appropriate state sales tax, excise tax, income tax etc could lead to a loss of license.
To read more about this service and see it live in action, click here.
+ Accounting & Bookkeeping
Some benefits of having a cannabis specifc CPA firm produce your accounting records include: 1) Accounting data feeds into your tax returns, so any errors could cause a higher income tax than what is needed. 2) If you are ever in a situation where the time comes to sell your company and you don't have trustworthy bookkeeping, the deal could easily fall through. It is an extremely painful process to restate prior year accounting records; being proactive about being correct is a far more effective strategy. 3) You should be using accounting data to run your company. Obviously, if they are incorrect, they could be sending you down a rabbit-hole of ineffective short and long term strategies.
To read more about this service and see it live in action, click here.
+ Financial Statement Compilation
Having a certified public accountant compile your financial statements will improve financial reporting significantly. Unlike an audit review in which a third party is hired to express an opinion, a review compilation is a collaborative effort between CPA and client. More accurate financial statements can lead to more accurate tax returns, potentially lower income tax and more effective tax planning saving the company a lot of money.
To read more about this service and see it live in action, click here.
our competitive advantage
Our Customer Commitment - our commitment to our customers is built on a foundation of three important principles:
Grow With Us: the idea that everyone in cannabis succeeds together.
Fixed Pricing: the idea of removing uncertainty between firm and client.
Analytical Outputs: the idea that no engagement is ever truly finished.
We Are Industry Specialists - Greenbooks is solely focused on cannabis. By engaging the firm, you will be taking advantage of our cumulative knowledge and application of tax, accounting and financial concepts within cannabis.
Upgrade Your Business - the Basic Cannabis CPA Package is built around the idea of outsourcing most of your day-to-day accounting responsibilities. The goal of this package is to get your financial data as clean as possible so we can use it for a broader purpose (tax planning, financial reporting, etc.)
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