Blog

As our country passes the presidential torch, business owners and individuals alike are lookingto upcoming changes to tax laws. Keep in mind – nothing has come to pass, yet.However, there are some potential changes you should have on your radar to stay aware of,over the course of the...

Financial Operations

With our team of CPAs and financial experts that specialize in the cannabis industry, GreenGrowth CPAs is here to ensure that your business is set up for success. We create feedback loops for consistent optimization and compliance for your cannabis company. Maintaining...

Do you really need a CPA for tax preparation and filing your tax returns?

The simple answer is yes, you do need a trained and experienced cannabis CPA for tax preparation and filing your cannabis business’ state and federal tax returns. No, there is no law or regulation that requires this,...

Managing a cannabis company’s finances is unlike managing those of any other business we have seen before. Since marijuana is federally illegal with no government funding, it is up to the individual company and the state to take the necessary measures to ensure that these businesses are...

The IRS has clarified guidance for the cannabis industry.

• 280E applies to all cannabis businesses no matter if the business is legal or illicit
• Form 8300 must be filed with every transaction that is $10,000+
• Cannabis businesses should calculate CoGS based on Internal Revenue Code 471

As tax extensions are coming due, we wanted to share some ‘insider’ thoughts about choosing a CPA to prepare your cannabis business tax returns.Over the past 45 days, our team has been increasingly getting on calls with cannabis operators that chose to go with a local, generalist CPA firm...

Special Purpose Acquisition Companies are one way to take your cannabis business public – here's how they work.

• The SPAC pools money from investors – known as a blind pool – into the public company. 
• The SPAC goes public, and then makes acquisitions or investments based on a...

Here's how to draw a salary from your cannabis business – and how it impacts your business and personal taxes. 

• How you draw a salary – and the taxes – depends on the type of entity you've set up.
• A C-Corp cannabis venture pays taxes on any income, meaning the entity itself is...

Learn some strategies for writing off bad debt, as well as how to avoid the risk to begin with. 

• Bad debt gets recognized as a business expense when an account receivable is no longer collectible.
• In the cannabis industry, you should never extend credit – it's simply too risky.
• If you do...