The Cannabis Accounting Podcast

Jul 04, 202218:26

Ep. 95: Get More Exposure For Your Firm As A Conference Speaker

What if you could take your business further using what you ALREADY know about accounting? One of the best ways to keep your business growing is to share your knowledge by speaking at conferences and events. Events are prime locations to make valuable network connections, learn, and gain added exposure for your business, so whether you’re a Cannabis accounting expert or relatively new to the field, speaking on stage is something all levels should consider.

We know the thought of public speaking may have some people adamantly shaking their heads, but don’t shy away. The best part of presenting at Cannabis conferences is being surrounded by like-minded people who are all there for the same reason: to learn and grow together.

Tune in to Episode 95 to hear our founder Andrew Hunzicker, CPA along with special guest, expert Cannabis accountant Raymond Guns, CPA at 1st Choice CPA, to walk us through his accounting experience and explain how he began booking events early on in his journey into the niche Cannabis accounting world. We’ll dive into how your business can benefit from becoming a conference speaker and steps you can take to get started yourself.

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Jun 20, 202223:07

Ep. 94: Harborside Case Review: Why Multiple Entities Won't Circumvent 280E

Setting up multiple corporate entities for the sole purpose of getting around 280E will lead to a ton of trouble with the IRS. Just ask the folks over at Harborside.

The (still) ongoing Harborside case has taught us how the IRS views using multiple entities to take tax deductions for a Cannabis business, whether that entity is attached to or separate from the Cannabis operations. By trying to be clever and get around 280E, Harborside has now put itself in the position of potentially having to pay a cool $11 million in back taxes.

Harborside even tried to fight the constitutionality of 280E… and lost the appeal.

Our latest podcast episode, “Harborside Case Review: Why Multiple Entities Won't Circumvent 280E,” explores exactly where it all went wrong for Harborside and what we can do as accounting professionals to protect our Cannabis clients and their businesses.

Topics include:

🟢 A brief overview of the Harborside case.

🟢 Why using Harborside’s multi-entity corporate structure to take (illegal) tax deductions won’t fly during an audit.

🟢 Minimizing tax liability while still adhering to 280E.

CLICK HERE to grab your FREE “Ultimate Guide to Entities and Funding Structures in Cannabis!”

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Two licensed dispensaries were raided last month by the California Highway Patrol, with the California Department of Tax and Fee Administration on standby, to collect overdue state tax payments. The officers walked out with a couple of six-inch-high stacks of cash, but there is more to this story than a modern-day western holdup.

Jun 06, 202214:10

Ep. 93: How can licensed Cannabis businesses prevent raids over unpaid taxes?

In our latest episode of the Cannabis Accounting Podcast, Andrew Hunzicker, CPA sits down with Daryl Jendras, CPA and managing director of Green Rush Tax PLLC. Daryl joins us with 30 years of state and local tax experience in corporate and public accounting settings with exposure to various industries throughout the US and Canada. Some have labeled him a ‘sales tax guru’ because of his track record of saving Cannabis businesses millions of dollars by understanding how to effectively work with the Department of Revenue.

In this episode, Andrew and Daryl discuss situations that have led to licensed Cannabis businesses being raided over unpaid taxes and how you can avoid a similar fate. You’ll learn important information regarding the following:

🌿 What a successful relationship looks like between a Cannabis accounting agency and the Department of Revenue.

🌿 Understanding why your agency receives automated notices from the Department of Revenue.

🌿 What happens when your agency and/or dispensaries ignore these notices.

🌿 What the consequences are for agencies and dispensaries that do not remit sales tax.

🌿 How voluntary disclosure agreements can help dispensaries secure payment plans for sales tax not remitted.

🌿 Understanding a dispensary’s sales tax liability when selling in multiple states.

Visit https://bit.ly/3pOebLO to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”

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May 23, 202226:36

Ep. 92: 4 Myths CEOs Believe About Cannabis Accounting

Understanding the myths that business owners believe about Cannabis accounting can give you a leg up on understanding their perspective and may better form how you pitch your value to them when you do reach out. For every myth they believe, you can counter with a well-researched answer, illuminating the consequences of misunderstanding tax codes and regulations in their industry and leading them towards a path of eventual profitability and compliance.

In this episode, Andrew Hunzicker, CPA, gets to the bottom of these myths:

🌿 Myth #1 - Cannabis companies can claim deductions or credits when filing taxes because of the federally illegal status of the substance.

🌿 Myth #2 - All of the regulatory compliance issues can be handled in-house.

🌿 Myth #3 - Cannabis companies don’t need complex cost accounting processes, a Permanent Audit Trail, proper support, or tax liability relief via 471-11.

🌿 Myth #4 - Just because a Cannabis business has high revenue, its net income must be high as well.

CLICK HERE to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”

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May 09, 202213:34

Ep. 91: Tips for Pricing Your Cannabis Accounting Services

As accountants and bookkeepers enter the Cannabis industry, many find themselves unsure of how to quote their fees correctly.

Many businesses need a thorough cleanup, monthly reporting systems set up, and constant compliance monitoring, but how can you possibly come up with a number that will fairly compensate you with so many unknowns? Fortunately, we’re going to share some of the tips and techniques that we’ve come up with to ensure that we are offering maximum value to our clients while being paid what you are worth.

In this episode, “Pricing Your Cannabis Accounting Services,” DOPE CFO’s Andrew Hunzicker, CPA, shares what you need to look out for as you put together your work plan for current and potential clients.

He also covers:

🌿 How your offerings provide exactly what Cannabis CEOs and owners want AND need.

🌿How to prepare and adjust your estimates for unknowns.

🌿 Valuing your services by basing your fees on benefits, not tasks.

CLICK HERE to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”

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Apr 25, 202216:44

Ep. 90: Entity Structure Considerations for Cannabis Investors and Owners

As Cannabis business owners and investors grow their companies and expand their operations, some will inevitably be blindsided by personal tax liabilities that aren’t protected by their entity structure.

The corporate entity’s structure determines the tax implications for owners, investors, and other shareholders. It also lays the foundation of how they get paid out in the future (at exit, yearly dividends, etc.). Correctly accounting for and tracking revenues and costs per your entity type will save major headaches when it comes time to file returns.

In this podcast, Andrew Hunzicker, CPA, sits down to discuss ‘Personal Tax and Entity Structure Considerations for Cannabis Investors and Owners’ to teach you about how a company’s structure affects personal tax filing, income distribution, and reporting requirements.

During this episode, he covers:

🌿 Cannabis tax codes and their relationship to entity structures: different entity structures may directly impact the tax rate business revenue is ultimately subjected to, so it helps to start with an understanding of the tax codes that affect the Cannabis industry.

🌿 Different types of entity structures used in Cannabis: from C corps to LLCs: Andrew discusses common Cannabis entity structure types and their pros and cons.

🌿 How to pick the best structure for your client: beyond pros and cons, how to analyze your client’s vertical and business model to determine the best entity structure.

CLICK HERE to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”

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Apr 11, 202211:33

Ep. 89: 5 Keys to Building a Successful Cannabis Firm

After having helped several of our DOPE CFO members build 6-figure accounting firms over the last few years, we know what works.

In this episode, Andrew Hunzicker, CPA shares what works for our members, and the 5 Keys to Building a Successful Cannabis Accounting Firm.

He goes over:

🌿 The importance of picking the correct niche (must be RECESSION PROOF)

🌿 The exact “Toolbox” you’ll need

🌿 A simple marketing system to find and close 6 figure clients

🌿 The importance of providing “World Class” service to these clients (& How to do this including what workpapers, systems, processes, and templates are needed.)

🌿 How to add a “World Class” team & community to your firm where you can get your questions and client questions answered quickly, share leads, and gain knowledge

Visit https://bit.ly/3pOebLO to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”

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Mar 28, 202244:05

Ep. 88: A Closer Look at Tax Code 471 and the Challenges with Cannabis Inventories

Legally reducing tax liabilities for Cannabis companies hinges upon compliance with one vastly misunderstood tax code: IRC 471.

Cannabis companies are not allowed any deductions or credits, and courts penalize them for messy records. According to 280E, any business associated with the "trafficking" of Schedule 1 substances may not deduct ordinary business expenses (like rent, vehicle expenses, mortgage interest, and much more). This means that the only way Cannabis companies can lower taxable income is by correctly allocating costs to inventory and Cost of Goods Sold (COGS) in compliance with 471.

In this podcast, Andrew Hunzicker, CPA, goes over:

🌿The definition of 280e and what it means for your clients.

🌿How you can use tax code 471 to get legal deductions for your clients.

🌿The biggest challenges with Cannabis inventories.

Grab your FREE guide to "Accountant's Guide to Managing Your Client's Cannabis Accounting Needs." Visit: https://bit.ly/3pOebLO

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Mar 14, 202247:24

Ep. 87: What Are Cannabis Entrepreneurs Really Looking For In An Accountant?

Let’s face it; Cannabis business owners are incredibly busy keeping up with updates within the industry, making it almost impossible for them to keep up with their finances. This is what makes Cannabis accounting essential to keep their business successful.

But a lot more goes into working for this niche than you might think.

In this episode, Andrew sits down with Tina Begay, who owns Redtail Accounting, a business, consulting, and accounting services company, to go over her journey from professor to Cannabis Accountant. They take a closer look at what it means to be there for your clients and other ways to open your line of communication.

They also go over:

🌿 Pain points that cannabis business owners face in terms of bookkeeping, accounting, and tax codes.

🌿Organization tips and time management best practices.

🌿How to create strong working relationships with clients.

Want more guidance after the episode? Visit https://bit.ly/3pOebLO to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”

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🌿Connect With Tina

Linkedin: https://www.linkedin.com/in/tina-begay-mba-328327190/

Facebook: https://www.facebook.com/tbegay/

Twitter: https://twitter.com/TinaBegay9

Website: https://www.tinabegay.com/

Feb 28, 202223:46

Ep. 86: Best Practices for Networking at Cannabis Conferences

It’s no secret that accounting professionals are intimidated by the Cannabis industry. Between finding information about the niche and landing clients, many shy away from the industry which leaves CEOs in need of experienced professionals.

Of course, accounting fundamentals are crucial but one expertise that many Cannabis and CBD/hemp accountants are missing is the ability to market themselves. Whether it’s at in-person conferences or through social media, networking is essential to building your client base.

In this podcast, the organizer of last year’s Orlando Tax Summit, Crysta Tyus, EA, gives us a behind-the-scenes look at Cannabis conferences. From deciding between various conferences to networking at large events, Crysta shares her first-hand knowledge on how to best approach these opportunities, such as determining your ROI on whether it’s worth it to apply to be a speaker, secure a booth, or both.

What You’ll Learn:

🍃 How to build your client base through networking

🍃 The best practices for attending Cannabis conferences

🍃 How to confidently price your services

To learn more about our Cannabis accounting program check us out at DOPECFO.com and be sure to visit bit.ly/2GUnpPr to grab your FREE guide “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”

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Grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.” Visit: https://bit.ly/3pOebLO

🌿Find Crysta Tyus, EA

Website: https://www.crystatyus.com

LinkedIn: https://www.linkedin.com/in/crystatyus

Instagram: https://www.instagram.com/crystatyus

YouTube: https://www.youtube.com/channel/UCz7uYYBPyfE-Oe1L-iuwuBQ

Feb 14, 202251:01

Ep. 85: The Ultimate Guide to Cannabis/CBD Accounting, Bookkeeping, & Tax

Experienced bookkeepers and accountants are essential in keeping cannabis companies penalty-free.

The IRS and state tax agencies are ramping up their audits on Cannabis companies this year, and the industry needs trained bookkeepers and accountants more than ever to accurately clean up Cannabis books, adhere to GAAP guidance, and understand the critical workarounds necessary to navigate the tricky “quirks” of Cannabis bookkeeping.

In this episode, Andrew Hunzicker, CPA, goes over the right education, tools, and systems in place to guide you to become the accounting professional every Cannabis company wants to hire, instead of the one that's causing them grief.

He discusses:

Internal record keeping vs. Cannabis specialized bookkeeping
Important court cases and tax codes: IRC 280E and 471, the tax codes that lay out the framework for the only way Cannabis companies can legally take tax deductions.
Cleanup and onboarding processes for new clients: a framework for the cleanup process during your first 30 days
Day-to-day and month-end tie out systems: the reporting processes and systems to keep your client’s books up to date and compliant

Grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.” Visit: https://bit.ly/3pOebLO

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LinkedIn: https://www.linkedin.com/company/dopecfo

Facebook: https://www.facebook.com/dopecfo

Instagram: https://www.instagram.com/dopecfo

Twitter: https://twitter.com/dopecfo

Jan 31, 202240:47

Ep 84: How to Correctly Price Your Accounting Services from the Start

Accounting professionals… it’s time for you to charge what you're worth! There are a million reasons why accounting professionals aren’t charging enough for their services.

One of the most daunting questions that accounting professionals have when they first start their own firm or add a new service is, “how much should I charge?” More often than not, unaware Cannabis accounting professionals will undercharge their clients to get the business, and then once the work starts, they realize how massive the workload is. It can be very difficult to go back to the client and ask for more, making it very important to charge them correctly the first time around, which is why you want to check out this episode of the DOPE CFO podcast.

In this podcast episode, Andrew covers:

🌿 How much you should charge to hit your monthly revenue goal: he provides examples of how to build a 6-figure firm, how many clients it would take, and how much you should be charging each client.

🌿 What all Canna/CBD owners want and value in terms of accounting: stop pitching bookkeeping and low-value services, and start leading with services that are highly valuable, and set you apart from others in the industry.

🌿 Challenges Cannabis accounting professionals often face: banking, cash controls, POS systems, integrations with seed-to-sale software, and many more.

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Grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.” Visit: https://bit.ly/3pOebLO

Jan 17, 202214:10

Ep. 83: How Cannabis Transformed My Practice--with Chip Schweiger, CPA, CGMA

It’s a new year and the perfect time to finally take that leap into the exciting world of Cannabis.

Getting into a new industry is scary and you might not know where to start or what to expect. Some of you might have just stumbled on this podcast and the title piqued your curiosity, some of you have been listening along and are figuring out if this is the niche you want to be in, and others are just looking to hear a new perspective. Referred to by some as the “Wild Wild West," the rampant growth and expansion of the Cannabis industry have made it an exciting place to operate.

In today’s episode, the Cowboy Accountant himself, Chip Schweiger, CPA, CGMA from The Green Leaf CPA talks with DOPE CFO Founder, Andrew Hunzicker, CPA about the transition to starting his own Cannabis accounting firm and learning to function in this relatively new (state-legal) industry.

They discuss:

🍃 What makes the Cannabis industry unique

🍃 The growing opportunity Cannabis accountants and bookkeepers have as state legalization continues to sweep the country

🍃 Tools you can utilize when starting your own Cannabis accounting firm

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Listen to 'The Dope CFO Podcast': https://anchor.fm/dopecfo

🌿 Find Chip Schweiger, CPA, CGMA

Website: https://thegreenleafcpa.com/

LinkedIn: https://www.linkedin.com/in/chipschweiger/

Instagram (Chip): https://www.instagram.com/chipschweiger/

Instagram (The Green Leaf CPA): https://www.instagram.com/thegreenleafcpa/

Twitter: https://twitter.com/ChipSchweiger

Jan 04, 202234:14

Ep. 82: A Deep Dive Into the Challenges of Working in Cannabis in Arizona -- with Samuel Richard

It’s tough starting a business in an industry with so much red tape and unclear guidelines. For Cannabis business owners, there are numerous restrictions and they might start feeling hopeless and lonely. Groups like the Arizona Dispensaries Association (ADA) are a community of leaders providing information, guidance and are the legislative and regulatory voice for Arizona’s Canna-prenuer. They strive to recruit and retain responsible industry members who believe in protecting patients and providing high-quality cannabis in Arizona.

As a Cannabis accountant and bookkeeper, you can network with advocacy groups by demonstrating your expertise. One idea is leading an informative seminar on 280E!

Andrew discusses the following with Samuel Richard, a member of the Arizona Dispensary Association (ADA) on this episode of our podcast:

🌿 What advocacy for Cannabis companies looks like and how to get involved

🌿 The Arizona Cannabis market, and how the Arizona Dispensary Association is helping businesses navigate tough rules and regulations through their work

🌿 IRS audits and the need for accountants in the Cannabis industry

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https://azdispensaries.org/

Arizona Dispensary Association Social:

https://www.facebook.com/AZDispensariesAssociation/

https://twitter.com/ada_arizona

https://www.instagram.com/arizona.dispensaries/

Dec 21, 202128:14

Ep. 81: Why Social Equity Matters in the Cannabis Industry with Nina Parks (Gift of Doja) and Shaleen Title

Social Equity. What does it mean in the Cannabis Industry?

Andrew sits down with Shaleen Title (Cannabis Attorney and Speaker) and Nina Parks (Cannabis Activist) to talk about what social equity truly means in the Cannabis industry.

It’s not new knowledge that the war on drugs, especially marijuana, has greatly impacted Black, Latinx, Native American, and other minority communities. What cannabis social equity can do is to ensure that these communities get the resources they need to thrive in the budding industry that once persecuted them.

Some topics Shaleen, Nina, and Andrew cover:

🌱 Why social equity in Cannabis is important

🌱 How social equity in the Cannabis industry can help marginalized communities

🌱 How to be an ally and an accomplice

🌱 How Cannabis accountants can partner with new business owners, especially social equity applicants

For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr

Listen to 'The Dope CFO Podcast': https://anchor.fm/dopecfo

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Dec 06, 202158:17

Ep. 80: An Outlook on IRS Audits and Tax for the Cannabis Industry in 2021/2022

As more states legalize Cannabis, the IRS is cracking down on tax audits. Recently, the IRS has announced they are specifically focusing on S-Corp and running a fine-toothed comb through CEOs’ books. Cannabis companies are a bigger target now than ever.

The only way to make sure your clients are prepared for audits during tax season is by understanding the ins and outs of updated Cannabis tax laws. Join us for this podcast as Andrew Hunzicker, CPA covers in-depth details on what the IRS is looking for and how to set your clients up for success.

Andrew discusses:

Ways to avoid getting your clients flagged for an audit
Accounting operations efficiencies to make audits a breeze (having the right tools and processes in place for WHEN an audit happens)
Internal audit processes that add a ton of value to your clients and that can keep you out of trouble with the IRS (cash controls, governance, etc)
And more!

For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr

Listen to 'The Dope CFO Podcast': https://anchor.fm/dopecfo

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Nov 22, 202114:15

Ep. 79: Surviving an Audit from a Cannabis Owner’s Perspective -- with Tony Frischknecht

Audits. That’s a word that makes most Cannabis accountants and their clients shake in their shoes. But the audit process doesn’t have to be so anxiety-producing. You just have to know what to expect.

Our recent podcast features Tony Frischknecht, a Cannabis company owner and investor of more than 17 years. Tony got his start in Colorado, the first state to legalize Cannabis. Tune in as he sits down with DOPE CFO founder Andrew Hunzicker, CPA to discuss what experiencing an audit is like from the perspective of a Cannabis CEO and what you can do to up your accounting game to help your clients pass with flying colors.

Key points Tony and Andrew discuss include:

Why city and state audits are implemented: audits are necessary -- they aren’t just delivered as punishment for Cannabis companies that regulatory bodies suspect are conducting business illegally (discover the real reason why audits are not only necessary but inevitable)
How Cannabis accountants can help prepare their clients for audits: rock-solid accounting and an impeccable understanding of compliance are key to helping your clients survive audits (we’ll discuss which components need to be in place, as well as common errors to avoid)
The one factor that will set you apart in a client’s eyes: providing cost accounting and inventory accounting, strategic advisory, and tax burden guidance is all essential but building a relationship with a client will make the biggest difference (and greatly improve your chances of attracting higher-paying clients)

Tony is available at tonyfrischknecht.com if you want to connect about audits or Cannabis investing or to listen to his podcast, Plant Problems.

For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr

Listen to 'The Dope CFO Podcast': https://anchor.fm/dopecfo

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