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.
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 →
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?
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 →
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 →
take 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.
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…
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.
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:
engagement letters
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 →
use these busy days to get to know your clients better. with a few quick questions, every client meeting can turn into a new relationship-building opportunity. ask how the firm is doing as a whole to assess satisfaction. ask some … continued
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 →