
The Cannabis Accounting Podcast
By DOPE CFO

The Cannabis Accounting Podcast Sep 25, 2023

Ep. 128: How to Properly Adhere to 280E to Reduce Tax Liability for Cannabis Companies
Cannabis businesses who try to get creative to circumvent 280E often find themselves in precarious positions with the IRS. Since companies in the Cannabis industry are not able to legally take tax deductions due to its classification as a Schedule 1 drug, many try to get around 280E by setting up multiple entity structures to attempt to create partitions within their corporations, or use IRC 471 incorrectly, to take deductions like businesses in other industries. Tax courts have ruled against these techniques time and time again.
Minimizing tax liability while being subject to 280E doesn’t need to cause anxiety or fear if done correctly!
On this episode of The Cannabis Accounting Podcast, attorney Nick Richards, partner and co-chair of the Cannabis Law practice group at Greenspoon Marder, LLP, and DOPE CFO Founder Andrew Huzicker, CPA discuss how businesses may benefit from using tax code 471-C when doing their taxes, using Capital Asset Theory to treat costs under 280E as capital assets (under the 16th Amendment of the Constitution), and ways to take expenses at exit (even under 280E).

Ep. 127: How to Get the Most Out of Attending Cannabis Events w/ George Jage
Participating in the Cannabis industry by going to conferences and expos is a great way to meet the people who make the businesses in this space tick, as well as get information on where the industry might be headed in the future.
Attempting to break the mold set by other Cannabis conventions, MJ Unpacked is a distinctive event for nationwide license holders and accredited investors to connect, collaborate, and prepare for expansion. Attendance is exclusive to cannabis retail and brand executives, with the title manager and above and investors actively investing in the space. While most expos focus on services or products surrounding the industry, MJ Unpacked saw a need for a space where Cannabis business executives could meet and mingle with investors who are looking to enter the space or expand their portfolios.
A unique venture in the world of Cannabis conferences, MJ Unpacked helps put Cannabis business owners and executives in the same room with accredited investors who want to find companies that are looking for capital to fund a startup, or raise money to scale an existing operation. Attendance at MJ Unpacked events is exclusive to Cannabis retail and brand executives, and investors that have been actively operating in the industry, so there is a stronger concentration on building businesses at these conferences, as opposed to products or services.
In our latest podcast episode, MJ Unpacked Founder and CEO George Jage provides insight on what Cannabis investors are looking for in potential business partners, how MJ Unpacked is changing the Cannabis industry, and the ways that expo attendees can make the most out of their networking time at Cannabis events!
The next MJ Unpacked happens in Detroit from October 10th-12th.

Ep. 126: How to Build a Successful Cannabis/CBD Accounting, Tax, and CFO Firm
If you are frustrated in your current career position, are sick of working long hours for little pay, or have been considering launching your own remote accounting firm and are wondering what niche to serve, now is the time to dive in! Cannabis has been predicted to produce over $30 Billion in revenue in 2023, and is the fastest growing industry in the US.
DOPE CFO has all of the training and tools you need to successfully start your own remote Cannabis accounting/CFO firm and help you land high-paying clients that will appreciate the work you do and the value you offer.
In this podcast episode, DOPE CFO Founder Andrew Hunzicker, CPA covers:
◾ The Industry, the Verticals, & the Complexity
◾ The Formula for Becoming a “VIP” (Valuable Expert, Instructor, Participant) in the Fastest-Growing Niche in the US
◾ Why Bookkeeping and/or “Fractional CFO” Solutions Don’t Work
◾ How to Build a Fully-Remote 1-Person $6–$7 figure firm with less than 5 clients
◾ Developing a Marketing System to Close 6-Figure Clients: our proven 4-part system shows you how to find and close great clients (even if you can’t stand marketing or advertising yourself)
◾ 5 Keys to Building the Foundation of Your Firm: including tools and workpapers you need, marketing tools, skills and education, community of experts, what a typical “day in the life of CFO” looks like, and every single thing you need to build your successful firm

Ep. 125: How to Get Tax Reductions Right When Most Cannabis Businesses Get Them Wrong
Want legal and compliant tax reductions? Listen to podcast episode 124 as the nation’s leader in Cannabis accounting, Andrew Hunzicker, CPA, founder of DOPE CFO, explains exactly what must be in place to properly reduce tax liability.
Takeaways from landmark cases Harborside and Champs are discussed, as well as the following:
✔️ Entity structures - What nearly everyone gets wrong!
✔️ IRC 280E - What it says, how it’s commonly misinterpreted, and what the Harborside ruling shows us.
✔️ IRC 471-11 - How 99% of Cannabis growers, manufacturers, and processors are leaving hard-earned dollars on the table.
Get clear, concise information you can’t get anywhere else. 🎧 Listen to this 10-minute episode “How to Get Tax Reductions Right When Most Cannabis Businesses Get Them Wrong” and get to properly lowering that tax liability now!

Ep. 124: Reforming Cannabis Policy Statewide & Nationwide with NCIA—Why Accountants Must Be Part of the Change w/ Aaron Smith of NCIA
If you’re done with jumping through seemingly endless regulatory hoops and compliance standards and want policies that make sense for Cannabis businesses, participating in groups that shape policy is how you become part of the solution.
Be part of the change by helping to create policies that work for today’s Cannabis industry businesses! In our latest podcast episode, we’re speaking with—co-founder and CEO of the National Cannabis Industry Association Aaron Smith—on 280E, The SAFE Banking Act, and how today’s accounting professionals can get involved in enacting sensible policy reforms at the federal level and state by state.

Ep. 123: Life Grows Green Founder Chad Price on CBD Wellness, eCommerce, Building & Scaling, & more!
We’re talking with veteran founder/entrepreneur Chad Price of Life Grows Green on transforming the negative stigmas associated with Cannabis and serving the wellness space, what the licensed Cannabis industry can learn from the sports industry, how accountants can better serve Cannabis/CBD founders, and more!

Ep. 122: The Quick Guide to Cannabis Bookkeeping
Ever hear the saying, “You don’t know what you don’t know”? When performing bookkeeping for Cannabis clients, what you don’t know can have dire consequences. Even performing seemingly mundane tasks the same way you would for non-Cannabis clients can be a move in the wrong direction. Cannabis bookkeeping is unique. Properly doing it requires knowledge, not guesswork.
Get informed so that you can do things properly and provide your clients with unquestionable value.
It’s all here in our quick episode that’s packed with quality information on Cannabis bookkeeping!

Ep. 121: How Utah’s Licensee-First Policies Are Creating a More Viable Medical Cannabis Industry
In this episode of The Cannabis Accounting Podcast we’re talking with Alyssa Smailes, Executive Director of The Utah Cannabis Association. We’ll discuss how UCA is building consensus with medical practitioners and serving as the voice of the Utah Cannabis industry, learn more about on-the-ground regulation and legalization, discuss medical vs. recreational accounting differences, the Utah market, and more, so tune in!

Ep. 120: Cannabis Dispensary Accounting & Tax
Accountants who are in over their heads when it comes to Cannabis dispensary accounting can cost the business dearly simply because they don’t know how to do the work properly.
Dispensary CEOs and operators who rely on inexperienced accountants or accounting teams are unknowingly putting themselves at risk of hefty fines or even being shut down for not following IRC 280E.
In Cannabis, the right accounting procedures need to be put in place on a daily, weekly, monthly, and annual basis. Consistent and correct accounting—not strategies to beat 280E—are what make the difference.
In this podcast episode, DOPE CFO founder, Andrew Hunzicker, CPA, covers:
Important tax codes and how to navigate them
471 - what it says, and how to correctly apply both GAAP and Tax, particularly for retailers
Ideas for how to manage from an accounting viewpoint and “how to make it all work”
Key court cases and what they mean for Cannabis companies
Complex legal entity structures and other “games” to avoid
...and more!
There’s lots to learn, so listen in and learn up!

Ep. 119: Being a Legacy Grower, Vertical Integration, & Craft Cannabis with Lindsey Renner
Lindsey Renner, owner of Native Humboldt Farms, is the first enrolled tribal member to gain licensure in California in 2018. In this podcast episode we discuss Lindsey’s journey into Cannabis (including the devastating loss that preempted changes in the direction of the company), talk compliance complexities, craft Cannabis, the work she’s doing in issues of tribal sovereignty and cultivation, and more!

Ep. 118: Entity Structure for Cannabis Companies
Cannabis investors, CEOs, CFOs, accounting professionals, and entrepreneurs need to understand their options when it comes to choosing their entity structure, and yes—certain key concerns are unique to the niche.
In this 24 minute podcast episode, DOPE CFO founder, Andrew Hunzicker, CPA, goes over applicable tax codes and common entity and funding structures, including the following:
◾ The pros and cons of C Corps, LLCs, etc.
◾ Multi-entity structures
◾ Owner and investor goals (asset protection versus tax minimization)
◾ Corporate structure and legal docs
◾ Compliance
◾ Key startup considerations
◾ …and more!
In an industry where trouble seems to loom around every corner, from confusing tax codes to vague advice, being informed is of paramount importance. Get in the know so you won’t be blindsided by personal tax liabilities and financial exposure.

Ep. 117: Banking in the Cannabis Industry
Banking in the Cannabis industry is a biggie! We get into it with banking expert and DOPE CFO Certified Advisor—Cassidy McFarland, CPA. From his take on the recent bank collapses to risk mitigation, dealing with audits, and what most bankers want to see in startups’ pitch decks and financial models, listen in as we cover the solutions you can apply to keep yourself and your clients out of hot water.

Ep. 116: Tips for Pricing Your Cannabis Accounting Services
Top-tier Cannabis accountants want to provide their clients with maximum value and get paid fairly for the hard work and expertise they provide. In this 10-minute podcast episode, DOPE CFO founder, Andrew Hunzicker, CPA, goes over key considerations you need to make to adequately price your accounting services, including whether or not to take equity in lieu of payment.
From setting your rate to meet current needs as well as future growth, to providing clients with undeniable benefit, to the five value drivers of World-Class Cannabis accounting—and why you should never ask those potential clients what they need—Andrew gets into all of it! Prior to sending out one more engagement letter, get the lowdown so that you can set yourself up for success.

Ep. 115: The Grower’s Guide To Cannabis Cultivation Accounting & Tax
Despite the fact that state-mandated seed-to-sale tracking software is notoriously buggy and local rules and regulations add an enormous amount of complexity to licensed Cannabis cultivation farms and grow rooms, cultivators are still required to follow the rules, accurately report everything on-time, pay their taxes, and more.
Whether you’re a cultivator or an accountant who wants to gain an understanding of how to properly serve clients in this space, in 30 minutes, The Grower’s Guide To Cannabis Cultivation Accounting & Tax shines a light on the various components you need to consider in this vertical.

Ep. 114: Let’s Talk About Depreciation in the Cannabis Industry
Take the time, spend the energy to learn things well and your clients will appreciate the expertise you provide. Depreciation in Cannabis? Few accountants in the Cannabis niche know how to utilize it correctly.
280E says it’s illegal to take deductions, including depreciation. We can, however, depreciate inventoriable goods, which can then be rolled into COGS and used as a reduction… if you understand the rules AND you do “GAAP” level cost accounting!
Learn more in this 10-minute podcast episode!

Ep. 113: 5 Questions Accountants Should Ask Cannabis Business Owners
Never position yourself as a yes person or bean counter, but as a potential partner in the success of the Cannabis businesses you work with. Asking the right questions is one easy and effective way to demonstrate your knowledge of Cannabis accounting.
So what questions should you ask? In episode 113, DOPE CFO founder, Andrew Hunzicker, CPA, tells you the 5 questions you need to ask to flip the script with potential clients. Get the lowdown in less than 20 minutes, and add one more powerful tool to your toolkit.

Ep. 112: Cannabis Delivery Services & 280E
If your client or company delivers products to and from farms, dispensaries, and/or end users, you need to listen to this episode.
Anyone touching or taking possession of the plant is likely subject to 280E… but there are complexities. Learn what those are since those found in violation of 280E could face hefty fines and penalties for improper deductions, and owe thousands in back taxes.
DOPE CFO founder, Andrew Hunzicker, CPA, addresses the complexities involved in Cannabis delivery services and similar operations and IRC 280E. Get an overview of the situation in this 6-minute episode.

Ep. 111: Managing Anxiety in Cannabis Accounting
Did you know anxiety is actually really common in the accounting industry? Forget the shame and forget just powering through it. Learning how to manage it is key for landing potential clients as well as improving your quality of life, growing confidence, and working through stressful or anxiety-triggering situations.
In this special episode, DOPE CFO founder, Andrew Hunzicker, CPA, gets actionable tips straight from DOPE CFO member, Sean Yoder, CFO, who deals with anxiety on a day to day basis.

Ep. 110: Cannabis Valuation 101
We’ve got specialized, “hard-to-come-by” information in today’s show. Cannabis business founders, CPAs, and accountants be prepared to take notes as industry expert Ron Seigneur, CPA ABV ASA CVA, founder of Seigneur Gustafson and inductee to The AICPA Business Valuation Hall of Fame, gives us the lowdown on Cannabis business valuations. Learn what valuation is, why it matters A LOT, and the unique considerations Cannabis industry businesses need to have on their radars.
Connect with Ron Seigneur:
Check out Ron's books here:

Ep. 109: Real Estate in the Cannabis Industry: What Accountants Need to Know
Real Estate in the Cannabis Industry: What Accountants Need to Know
Whether clients are starting an indoor farm, outdoor farm, dispensary, or processing facility, real estate is a very real concern for Cannabis businesses.
We’ll go over what you need to know including:
- Is it better to rent or own?
- Commercial property owners’ and potential banking issues.
- Landowners’ main concerns when leasing to Cannabis companies.
- Entity considerations
- How 280E affects leasing and buying real property
- What 280E does NOT do
In less than 13 minutes get a solid overview of what you need to know and consider when it comes to renting or buying space for businesses in this niche market. Learn up with DOPE CFO and serve clients in this fast-growing industry that's projected to hit $72 billion by 2030 (Forbes 2022).

Ep. 108: Cannabis Licensure & Social Equity in New York
Do you have questions on how Cannabis licensure and social equity are being handled in New York? Tune in! DOPE CFO VIP member, Allison Kirchhofer, CPA, MBA, gives the lowdown on what’s going on in the massive Empire State that’s “legalizing it” in some unique ways.
Cannabis accountants, social equity applicants, and anyone looking to get involved in the licensed Cannabis industries in this massive state needs to get the lowdown on what’s happening on the ground. There’s a lot to learn, so get ready to take notes!
Connect with Allison Kirchhofer, CPA, MBA:
Accounting by Design: http://accountingbydesign.cpa
New York Consortium of Cannabis Accountants: https://www.nycca.org

Ep. 107: GAAP Accounting & How it Applies to Cannabis Accounting
Cannabis Businesses & Cannabis Accountants—Knowing & Doing GAAP Accounting properly is how you show your value! It’s a shame so few of today’s CPAs and accountants know how GAAP applies to Cannabis accounting.
Get the lowdown on what 471-11 really means, what you can and cannot put into it, accounting for the different Cannabis verticals (cultivation/growing, processing/manufacturing, retail, delivery), why doing GAAP is essential in the Cannabis industry, and more! Get compliant and don’t leave opportunity on the table.

Ep. 106: Betsy Morem & Mark Waller Share Their Tips on Bookkeeping (Right) for the Cannabis Industry
Betsy Morem & Mark Waller of Morem & Waller CPAs, PLLC. have advice on bookkeeping for today’s Cannabis businesses and staying sane in the process! Learn how to fix (and prevent) those common bookkeeping blunders, remain 280E compliant month after month, get your clients to participate in their accounting successes, and position yourself as a valuable ally in your clients’ success!

Ep. 105: Surviving an IRS Audit in the Cannabis Industry
In just 15 minutes, DOPE CFO founder, Andrew Hunzicker CPA, makes quick work of showing how most do Cannabis business accounting 100% wrong, and explains the approach to getting Cannabis businesses set up correctly and making them audit-ready month after month.

Ep. 104: Cannabis Accountants & Businesses—Want Depreciation? Here’s What You Need to Do!
Has depreciation for Cannabis businesses got you confused? Whether you’re an accountant or CPA serving Cannabis clients, or the CEO/founder of a legal Cannabis company, we've got straightforward information on depreciation and 280E and 471-11. Get informed about the applicable Internal Revenue Codes (IRCs), learn which common mistakes to avoid, and understand the logic behind all of it.

Ep. 103: Fraud Examiner David Lewis Talks Internal Controls and Corporate Governance for Cannabis Businesses
Cannabis Businesses & Cannabis Accountants— Knowing corporate governance, having internal controls & accounting policies is SUPER important for all companies, but especially Cannabis companies, so tune in to learn how to reduce the possibility of fraud!

Ep. 102: Expert Advice on Cannabis Licensing from Bridge City Collective Co-Founder David Alport
Bridge City’s David Alport talks Cannabis licensing (transportation, cultivation, retail), licensing in various states, where things are headed (interstate, rollups), shares Cannabis startup marketing advice, and more. Unique info you need on your radar is here, so tune in!

Ep. 101: How to Grow Your Practice in New & Emerging Legal Cannabis States w/ Rick LaNeve
Just last year, CPA Rick LaNeve quickly went from zero Legal Cannabis clients to more than ten! Now, the founder of Accounting Buds and Chairman of the New York State CPA Society Cannabis Committee shares his tried-and-true advice on landing those 1st and 2nd Cannabis clients.
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Ep. 100: Looking into the Future of Cannabis Accounting and DOPE CFO
With even the most anti-Cannabis states coming around to legalization, the industry's future is bright -and profitable.
The Cannabis space has changed dramatically since the first states voted for legalization back in 2012. In the 100th episode, DOPE CFO founder Andrew Hunzicker, CPA and leaders of the DOPE CFO Certified Advisors Franchise David Lewis, Raymond Guns, and Kristi Kem highlight the industry’s progression. Listen in to hear more about navigating future hurdles and how you can take advantage of the upswing by jumping in now.

Ep. 99: Cashless ATMs & Other Illegal Merchant Services in the Cannabis Industry
Cashless ATMs and Credit Card payment tricks by Cannabis businesses are considered fraudulent.
Cannabis is a Schedule I substance, so any attempts to get creative with payment options will still be classified as money laundering by the Feds. In this episode, DOPE CFO Founder Andrew Hunzicker, CPA and special guest Rick LaNeve, CPA, founder of Accounting Buds, have an in-depth discussion about the many illegal ways that Cannabis businesses are trying to collect payments. Listen in to hear about these Cannabis industry cash traps and how to avoid them.
For more information on Cannabis Accounting and DOPE CFO, please visit our website.

Ep. 98: Behind the Scenes: AICPA & CIMA Cannabis Industry Conference 2022
Can you believe how far the Cannabis industry has come? Last year the AICPA (American Institute of Certified Public Accountants) recognized the industry with a few sessions at one of its conferences. This year the AICPA and CIMA have dedicated an ENTIRE conference to all things Cannabis accounting, and the DOPE CFO team is at the forefront with FOUR sessions during the 3-day event!
The move towards legalization in states over the last few years has brought involvement from many different areas, so this year’s Cannabis conference is bringing together a wider range of Cannabis experts. Attendees can expect to hear from CPAs from firms big and small as well as experienced CPAs turned instructors and Cannabis attorneys who have valuable perspectives on the industry.
The DOPE CFO team has become well known in the industry, and they’ll be offering sessions on some of the most pressing topics such as raising capital, banking, costing, technology, risk mitigation, and more. We’ll be sharing our experiences - maybe even some horror stories - to help those who are interested in or just getting started in Cannabis accounting.
The team will be hosting sessions that…
🌱 Provide basics to help accountants truly get to know their clients so they can build a strong firm
🌱 Guide newcomers on how to adopt a Cannabis accounting mindset
🌱 Discuss ways to legally raise funding
🌱 Detail how to get a position in the private sector
🌱 Offer a chance for closer networking through fireside chats where attendees can ask questions from industry experts
While we’re busy getting ready for this year’s Cannabis conference, head over to the AICPA & CIMA Cannabis Industry Conference page to register to attend. Use the code CAN2022 for discounted admission.
Click here for more information and to register for the conference.
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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Ep. 97: How Investors Can Avoid Personal Tax Doom
There’s risk and then there’s calculated risk.
The calculated risk we were referring to on this episode of the Cannabis Accounting Podcast is the investments that require deep research into the past, present, and future of a company before deciding to go forward. And though many veteran investors can easily tell the difference, even seasoned investors find themselves with losses investing in the Cannabis industry.
From tales of investors who have invested over $2 million without seeing any kind of return to investors whose shares of a company don’t allow for any input in a business’ controls, we’ve seen plenty of people with solid investment choices who suffered major losses.
There are ways to avoid such negative outcomes, and fortunately for investors, the red flags that spell financial disaster when investing with a Cannabis company can often be spotted early on.
Here are some things to consider before deciding whether to invest with a Cannabis company:
🍃 The glory of the C-corp: This entity structure makes it much easier to raise capital and has better asset protection for the company. Most importantly, this structure purposely separates investors from their business investments, meaning investors cannot be individually audited.
🍃 The LLC risk factor: Unlike a C-corp, this entity structure throws open the door for all investors to be individually audited apart from the Cannabis business. If you’re set on investing with this type of Cannabis company, take extra precautions and make sure you have a voice in determining tax distributions and consult with a verified corporate tax attorney.
🍃 Tax regulations and procedures: Sure, you may not be the one to set up those corporate governance guidelines and internal controls (it’s best to trust a trained Cannabis accountant to put these in place), but it doesn’t mean your voice doesn’t count. As an investor, it’s your right to see that the business you’re investing in is following all tax protocols by the book–trouble for the company spells trouble for you (especially if that company is an LLC).
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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Ep. 96: Your First Year As A Cannabis Accountant
Making the decision to become specialized as a Cannabis accountant may be the easiest decision you’ll ever make, and the most fruitful. The industry is booming, and it’s nowhere close to finishing its climb. Investing in learning NOW means you’ll be just in time to take your career to new heights along with the industry before it skyrockets to its maximum potential in the next few years.
Why Cannabis? Why now? Join host Andrew Hunzicker, CPA and CEO of DOPE CFO as he walks you through the reasons this niche has the most profitable outlook for CPAs in the next decade. If you’re interested in setting yourself up for a secure, lucrative career that’s in high demand, tune in to podcast Episode 96 to learn how to get started and get information on how you should be pricing yourself and your services within your first year.
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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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.
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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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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Ep. 93: How can licensed Cannabis businesses prevent raids over unpaid taxes?
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.
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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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.”
🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo
🌿Say HEY On Social:
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YouTube: https://www.youtube.com/c/dopecfo

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.”
🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo
🌿Say HEY On Social:
LinkedIn: https://www.linkedin.com/company/dopecfo
Facebook: https://www.facebook.com/dopecfo
Instagram: https://www.instagram.com/dopecfo
Twitter: https://twitter.com/dopecfo
YouTube: https://www.youtube.com/c/dopecfo

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.”
🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo
🌿Say HEY On Social:
LinkedIn: https://www.linkedin.com/company/dopecfo
Facebook: https://www.facebook.com/dopecfo
Instagram: https://www.instagram.com/dopecfo
Twitter: https://twitter.com/dopecfo
YouTube: https://www.youtube.com/c/dopecfo

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.”
🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo
🌿Say HEY On Social:
LinkedIn: https://www.linkedin.com/company/dopecfo
Facebook: https://www.facebook.com/dopecfo
Instagram: https://www.instagram.com/dopecfo
Twitter: https://twitter.com/dopecfo
YouTube: https://www.youtube.com/c/dopecfo

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
🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo
🌿Say HEY On Social:
LinkedIn: https://www.linkedin.com/company/dopecfo
Facebook: https://www.facebook.com/dopecfo
Instagram: https://www.instagram.com/dopecfo
Twitter: https://twitter.com/dopecfo
YouTube: https://www.youtube.com/c/dopecfo

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.”
🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo
🌿Say HEY On Social:
LinkedIn: https://www.linkedin.com/company/dopecfo
Facebook: https://www.facebook.com/dopecfo
Instagram: https://www.instagram.com/dopecfo
Twitter: https://twitter.com/dopecfo
YouTube: https://www.youtube.com/c/dopecfo
🌿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/

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.”
🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo
🌿Say HEY On Social:
LinkedIn: https://www.linkedin.com/company/dopecfo
Facebook: https://www.facebook.com/dopecfo
Instagram: https://www.instagram.com/dopecfo
Twitter: https://twitter.com/dopecfo
YouTube: https://www.youtube.com/c/dopecfo
🌿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

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
🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo
🌿Say HEY On Social:
LinkedIn: https://www.linkedin.com/company/dopecfo
Facebook: https://www.facebook.com/dopecfo
Instagram: https://www.instagram.com/dopecfo
Twitter: https://twitter.com/dopecfo

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.
Grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.” Visit: https://bit.ly/3pOebLO
🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo
🌿Say HEY On Social:
LinkedIn: https://www.linkedin.com/company/dopecfo
Facebook: https://www.facebook.com/dopecfo
Instagram: https://www.instagram.com/dopecfo
Twitter: https://twitter.com/dopecfo

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
Grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.” Visit: https://bit.ly/3pOebLO
🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo
🌿Say HEY On Social:
LinkedIn: https://www.linkedin.com/company/dopecfo
Facebook: https://www.facebook.com/dopecfo
Instagram: https://www.instagram.com/dopecfo
Twitter: https://twitter.com/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

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
Listen to 'The Dope CFO Podcast': https://anchor.fm/dopecfo
Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo
Say HEY On Social:
LinkedIn: https://www.linkedin.com/company/dopecfo
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Arizona Dispensary Association Social:
https://www.facebook.com/AZDispensariesAssociation/

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
Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo
Say HEY On Social:
LinkedIn: https://www.linkedin.com/company/dopecfo
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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
Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo
Say HEY On Social:
LinkedIn: https://www.linkedin.com/company/dopecfo
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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
Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo
Say HEY On Social:
LinkedIn: https://www.linkedin.com/company/dopecfo
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