A cannabis business has vastly different accounting needs than other businesses.
Put another way -- your regular CPA lacks the knowledge, experience, and structure to keep books for your cannabis business.Paula Collins is a Co-Founder of the New York Consortium of Cannabis Accountants (NYCCA) https://www.nycca.org/
WE WORK WITH BUSINESSES IN THE PRE-LICENSE PHASE!Many accountants will not work with smoke shops, convenience stores, CBD shops, and other businesses that are not licensed. Provided you are on a path to getting licensed, we are happy to work with you to get your inventory tracking systems online, point-of-sale systems, banking, cash flow, payroll, and sales tax.CALL TODAY FOR A CONSULTATION: 646-467-4646
You need to have all of these in place to stay clear of compliance flags:Sales Tax Certificate of AuthorityPayroll Tax paid and quarterly and annual payroll tax returns filedEmployee signage -- available in an area where employees can see their rightsCorporate Tax -- you must pay even if you report zero profit!Individual Tax -- make sure you file your own personal taxesHemp License -- required in New YorkHealth Department Permit -- even if you do not prepare food on site, you need a permitGuidance to StartupsMorton Street Group provides guidance to startups, established, and mid-sized cannabis businesses. Our services are equally applicable for cannabis growers, dispensaries, and retailers. Our exceptional team of cannabis accountants customizes accounting services and compliance programs for your specific business needs. Morton Street Group believes in your business, and we are committed to providing accurate, confidential, and full-service accounting solutions for the cannabis industry.
Cannabis AccountingMorton Street Group's accounting professionals offer comprehensive accounting and tax services that are designed specifically for your cannabis business. Our cannabis accounting services include, but are not limited to:
- Preparation of monthly financials
- Accounting software set-up to properly identify Cost of Goods Sold and Generally Accepted Accounting Principles
- Customized documentation preparation
- Requirements for record-keeping and correct allocation processes per 280E
Cannabis Tax Preparation and PlanningMorton Street Group's cannabis accountants are always up-to-date with current cannabis taxation laws. We prepare federal, state, and local income tax returns for your business and help you optimize deductions and allocate costs.
- Expert guidance to reduce tax exposure
- Best practices to maximize deductions and lower your taxes
- Guidance on setting up business entities