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taxes

May 21 2021

Economic Impact of Cannabis is Expected to be 5X Greater in 2021

It is no secret that the cannabis industry is growing quickly and strengthening the economies of states and territories with legal adult-use and medical programs. After a banner year in 2020, when the cannabis industry pumped an estimated $17.5 billion into the US economy, an analysis from ...

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Filed Under: California, Taxes, Nevada, Accounting

April 30 2021

Why and How the IRS Audits Cannabis Businesses

In comparison to mainstream industries, cannabis businesses have considerably greater odds of being audited by the IRS. Why the IRS prioritizes auditing the cannabis industry may come as no surprise to the majority of cannabis business owners across the US. However, we weren't aware of how...

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Filed Under: Compliance, Taxes

March 10 2021

Potential Tax Changes During the Biden Administration

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...

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Filed Under: News, Taxes

February 08 2021

Cannabis Financial Services | Accounting, Tax Prep, Banking, & Financial Reporting

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...

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Filed Under: California, Michigan, Washington, Taxes, Oregon, Accounting

September 14 2020

IRS Guidance on Cannabis Businesses

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
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Filed Under: Taxes, Finance

September 08 2020

Cannabis CPA vs Local General CPA

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...

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Filed Under: Compliance, Taxes, Accounting

March 26 2020

Economic Update for Cannabis Businesses

Small business owners around the country are in need of help as more and more states ask their citizens to stay at home. Cannabis is no exception.

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Filed Under: News, Taxes, Business, Operations, Accounting