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Cannabis Accounting Firm | Cannabis Accountant | Cannabis Accounting

 

Cannabis Accounting   |    Cannabis Taxation  

 

Legacy Tax & Resolution Services, LLC was among the first national accounting and advisory firms to establish a practice dedicated to serving the cannabis industry.  Our CPAs and advisors have guided hundreds of U.S. and international cannabis businesses through a very challenging business and regulatory environment.  We provide you with the advantages of partnering with one trusted advisor backed by a team of cannabis industry experts.  We take a holistic view of your cannabis operations to help you capitalize on opportunities, navigate change and prepare for the future.

 

Our Approach

Legacy’s Cannabis Services Group provides support, objectivity, and experience to operating cannabis businesses and those planning to enter and succeed within this emerging industry.  We offer a broad spectrum of accounting, financial, and consulting services that give investors, owners, and ancillary businesses the insight they need to grow and succeed.  From minimizing the effects of IRS 280E, to inventory management, and preparing audited financial statements, our services address the industry’s most unique and ever-evolving issues, including regulatory and risk management.

 

Who We Serve

  • Ancillary Businesses
  • Cultivators
  • Dispensaries
  • Extractors
  • Investors
  • Manufacturers

 

Cannabis Services

  • Accounting
  • Audit and assurance
  • Business valuation
  • Business structure and entity selection
  • Cash flow, forecasts, and projections
  • Compliance and internal controls
  • Court-appointed receiverships/special master
  • Cybersecurity assessments
  • Forensic accounting and litigation support
  • Mergers and acquisitions
  • Operational consulting
  • State and local income/sales tax & protests
  • Strategic planning
  • Risk assessment
  • Tax planning under IRC Section 280E
  • Tax preparation
  • Turnaround management & restructuring

 

Top Tax & Accounting Challenges for Cannabis Operators

Accounting, financial, and consulting services to cannabis industry operators cover the full spectrum of operational and regulatory challenges:

Accounting Systems: Determination of classifications and allocations, detailed requirements to maximize allowable deductions.

Administration of Taxes Other than Income Tax: Sales taxes, excise taxes, cultivation taxes, etc.

Banking: Establishing relationships with financial institutions able to transact business within the cannabis industry.

Primarily Cash Business: Determine best practices for handling cash from an accounting and tax perspective, including required IRS reporting.

Entity Type: Entity choices from a federal and state standpoint.

Industry Differences: Cultivation, manufacturing, distribution, retail/dispensary, other ancillary businesses.

Internal Control Structure: Development of proper internal controls while keeping in mind efficiency and company structure.

Inventory & Sales:  Establishing proper accounting policies and procedures.

Legal and Operational Structure:  – choices to maximize flexibility and to comply with federal, state, and local laws, including licensing.

Tax Planning for Business Expenses (IRC §280E):  Separate businesses, maximizing cost of goods sold.

 

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