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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...

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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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5 Biggest Mistake Cannabis CEOS Make that Can Put Them Out of Business… Quick!

cannabis business Apr 23, 2018

With an influx of new businesses in the cannabis space, it is easy to get caught up in the opportunity that this burgeoning market brings. As marijuana makes it’s transition from a street drug to a medicinal substance used in various treatments, to a state-legal - yet Federally classified Schedule I drug, some investors and CEOs are making the crucial mistake of not treating their investments as businesses.

Here are some common missteps that canna-business startups can avoid,...

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