Dope CFO Founders Andrew Hunzicker and Naomi Granger Speak About How They’re Training Accountants To Work In The Cannabis Industry | CASHCOLORCANNABIS PODCAST

Uncategorized Jul 02, 2018

Naomi Granger and Andrew Hunzicker with DOPE CFO are here to assist cannabusinesses with all the help the need to manage your books and business. Through DOPE CFO, the two offer services to the accountants looking to service the cannabis industry as well as do-it-yourself tutorials that can help someone get up to speed with the vast differences between tax codes for cannabis and codes for other industries.

 

Listen to the Podcast HERE

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$78k in Accuracy Penalties for Cannabis Company for Poor Accounting and Record Keeping

IRS found that due to poor record-keeping, lack of check registers, no physical inventory counts, incorrect Cost of good sold allocations and much more caused $78k in penalties

The Tax Court in Alterman upheld the imposition of a 20% tax penalty on the taxpayer for the underpayment of the tax liability resulting from the deductions taken. Various medical and recreational marijuana practices have been legalized in the majority of the states but the last major hurdle, the Section 280E prohibition,  still keeps marijuana ultimately classified as a Schedule I controlled substance under federal law.

Attorney Henry Wykowski explains, “Nevertheless, it’s a disappointing case and illustrative of the difficulties the industry faces with many – but not all – of the judges in tax court.”

What does this mean?

Watch our Altermeds Case Review HERE to learn how you can avoid running into these issues!

If a business is operating without keeping good...

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Five Reasons Accountants Should Serve Cannabis Clients | CPATrendlines.com

cpatrendlines press Jun 21, 2018

In a recent feature on cpatrendlines.comAndrew Hunzicker provides five reason why accountants should serve cannabis clients. There are many reasons that accountants, bookkeepers, and CPAs are launching their own cannabis firms, and some of these might apply to you as well.

To read more at cpatrendlines.com, click HERE

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Accountants fill a glaring gap in cannabis industry | ElevatedNation.com

Naomi Granger, CPA, MBA, co-founder of Dope CFO, has been recently featured on elevatednation.com. In the article, Granger discusses why well-trained accountants are the missing piece in helping cannabis companies conquer the complex obstacles with tax laws and ultimately stay in business.

To read more at elevatednation.com, click HERE

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The Ladies Of Cannabis Are Crushing It | GreenMarketReport.com

The ladies of cannabis are crushing it lately, and DOPE CFO's very own Naomi Granger has been featured on GreenMarketReport.com

To read more at GreenMarketReport.com, click HERE 

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DOPE CFO Cannabis Accounting Business Expands | AccountingToday.com

DOPE CFO was recently featured on AccountingToday.com. Many businesses face challenging hurdles due to the complex IRS tax penalties. DOPE CFO aims to help educate cannabis businesses in the form of instructions, templates and libraries of documents about legal, tax, accounting and cannabis industry-specific issues. 

To read more at AccountingToday.com, click HERE

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Why Serving the Cannabis Industry Can Be Dope for Accountants | GoingConcern.com

In an interview with Going Concern, DOPE CFO founders Andrew Hunzicker, CPA, and Naomi Granger, CPA, explain what common cannabis accounting mistakes CEOs make and why the industry presents a huge opportunity for accounting professionals.

 To read more at GoingconCern.com, click HERE

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Everything You Need to Know About Cannabis Software but were Afraid to Ask

Currently, the cannabis  industry lacks a comprehensive software solution

In today’s cannabis world, there are monthly, quarterly, and yearly reporting requirements at the State and Federal level which include required bank reporting, and investor & lender reporting.   This reporting is complex and requires specific software tailored to the industry, which means general business solutions will not work. Popular accounting systems like Quickbooks and Xero don’t have cannabis industry chart of accounts or integrate with other cannabis software.  To make it even more complex, most states have separate “Seed to Sale” tracking software that is required, is often difficult to use, and doesn’t interact well with cannabis or accounting software.

There are some operational packages (mostly for Point of Sale, “POS”) available, but most (including popular ones like Greenbits, MJ Freeway, Biotrack) have only been around a few...

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5 Biggest Mistakes Cannabis CEOS Make | CPATrendlines.com

cpa trendlines press May 04, 2018

One of the single biggest mistakes made by cannabis CEOs is not paying enough attention to compliance. DOPECFO.com's Andrew Hunzicker breaks down the 5 biggest mistakes... and how to use them to land a client. 

To read more at cpatrendlines.com, click HERE

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