billion-dollar questions: cannabis faq for accountants

screen shot 2015-05-11 at 8.26.17 am
source: mjbizdaily.com/factbook/

18 frequently asked questions on taxes and accounting for cannabis businesses.
plus: six leading sources for more info.

by 卡塔尔世界杯常规比赛时间 research

with cannabis dispensaries and recreational stores pulling in about $3.1 billion in revenue this year, the u.s. marijuana industry is expected to pump an estimated $10 billion into state and local economies, making it a powerful source of industry, employment and taxes for cash-strapped states, according to the marijuana business factbook. the same source projects a $29 billion industry in four years, rivaling today’s u.s. wine industry.

related: see more marijuana-industry reports here

more than 60 tax, accounting and cpa firms in more than two dozen states are already advertising cannabis-related business issues as a specialty niche.

naturally, accountants have questions. here 卡塔尔世界杯常规比赛时间 answers a few of the most frequently asked… read more →

ready or not: cpa firms find new opportunity in booming cannabis industry

marijuana and dollar notes

growing business draws on high-level skills and special talents.

plus: professional resources and cpe.

by 卡塔尔世界杯常规比赛时间 research
cannabizcpa.pro

attention cpas: there’s a big new niche opening in your area soon, but are you up to speed on accounting for a legal business that sells an illegal product?

america’s new breed of cannabis cpas [video report

  • not sure of the fine line between a felony and economic development? worried about the real estate implications of a marijuana dispensary?
  • are you up to date on the special irs rules for narcotics traffickers? wondering whether 10 flower pots in an attic qualify as an agricultural enterprise?
  • concerned about counseling a client whose business is illegal in a neighboring state where you hope to open an office? are you ready to be an expert witness for something you’ve never seen outside of a college dorm?
  • are baggies an office supply or a cost of goods sold? do you understand why your new cannabis client’s mortgage broker suddenly looks like he’s got hemorrhoids?
  • unsure of the deductibility of a medicinal bong?
  • does your potential client look a little, like, umm, you know…?

dude, get with it. the united states – some of the states, anyway – is opening up the biggest niche this side of the rio grande. read more →

7 ways to lose a client’s trust

are you about to do any of these? is it worth it?

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: i believe i have a very high degree of client trust. but somehow i feel it is not 100 percent. any comments?

answer: this person has a common problem. the trust is very high – probably higher than any other profession – but not complete. it is rare for trust to be 100 percent. but here are seven ways to lose a client’s trust:
read more →

are you a passionate accountant?

young asian entrepreneur reading magazinetake this quiz to see whether you’re phoning it in.

do you seek out opportunities to learn new things that will help your clients overcome their most difficult challenges?

selling value-creation advisory services is truly a slam dunk with most modern business owners, according mentorplus. the bad news is that, although most cpas would say they are their clients’ most trusted advisor, few could answer the following questions in the affirmative.

read more →

three secrets of high-growth accounting firms

the most successful firms have a lot to teach the rest.

by sarah johnson dobek
inovautus consulting

when it comes to accounting firm growth, there is a distinct gap between the growth rates of the best-performing firms and the rest of the pack.

more dobek:   |  five ways to grow new service lines  |  how crisis illuminates your biz dev skills   |  how crisis illuminates your biz dev skills  | how crisis illuminates your biz dev skills | don’t confuse marketing with biz dev  | do you ask the right questions to deepen client relationships?  | advisory services: real commitment or just talk?  | covid: learning how to operate in the new normal

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

an ipa survey reports the top firms are growing at a rate of 7%, compared to a paltry 2.8% for the average accounting firm.

  • how do these firms grow at such a higher rate?
  • what’s their secret?

we see three things high-growth firms do that average firms don’t. read more →

the real reasons small businesses love their accountants [infographic]

screen shot 2015-01-28 at 10.39.02 pmaccountants relieve their worst headaches.

卡塔尔世界杯常规比赛时间 sources are reporting on how much time and money small businesses spend each year on accounting and tax preparation and each month on payroll administration.

the data should support practitioners’ value proposition to small business owners: some 40 percent say bookkeeping and taxes are the worst part of being in business.

owners were also surveyed on their opinions of the most burdensome small business management tasks. next time you talk to your clients — or prospective clients — these pain points might be worth including in the conversation…

read more →

unhappy client? 5 constructive approaches

drawing of unhappy face and arrow pointing from it to happy facewith the right approach, you may be able to save the relationship.

unhappy clients won’t tell you they have a problem; they’ll simply move their business elsewhere.

so, if a client gives you a chance to repair a bad situation, take it.

here are a few tips from maribeth kuzmeski, author of “the connectors: how the world’s most successful businesspeople build relationships and win clients for life,” to keep your business relationships from going bad — and rescue those that have started to sour:

read more →

the 3 reasons firms are migrating to digital timesheets

stopwatch on budget numbers in blue toningbut staffers need convincing and partners are still the biggest slackers.

by roman h. kepczyk
quantum of paperless

studies done over the past two decades have clearly shown that there is a significant improvement in realization for firms that enter, release and post time and expenses on a daily basis. this process allows for daily or “hotel” type billing, which is sent out with the completion of each billable project.

as many as 32 percent of firms today are still using manual billing sheets, while the rest of the industry is preparing the majority of invoices on screen, according to a survey of 300 multi-owner firms.

read more →

what goes in a client’s permanent file?

ed mendlowitz cpa the practice doctor q and awe’ve found at least 50 items. what would you add?

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: what type of information should be kept in, or as, permanent files?

response: a permanent file should be maintained for each of your clients. this would include the following:

  1. engagement letters
  2. representation letters – i would keep these in the permanent file. an example is that a claim could be made after you no longer have the work paper file associated with the matter. this is especially so with estate planning consultations where a claim could arise many years after a gift tax return was filed. i would keep copies of crummey letters in the file for the gift tax returns, if it is your practice to obtain copies of such letters read more →

if you’re a ‘best-kept secret’ cut it out!

big businessman crushing a small one in his fingerstry these 6 ideas to stop losing business to competitors.

by sandi smith leyva

it’s rare that i lose business to competitors, and it’s also not an accident.

more: stuck at home right now? here’s 100 good ideas to relieve the stress | how to lead in a crisis | how to think straight through the coronavirus crisis | 16 tech tools for working through the coronavirus | 7 tips to keep the clients you have | do you know your opportunity number? | 7 tips to boost your firm’s performance | 5 mistakes to avoid when seeking new clients

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

if you are losing business to your competitors, here are some strategies you can use to “become a category of one,” as they say in marketing.
read more →