The Cannabis Practitioner

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Cannabis Chart of Accounts

"Cultivating Financial Clarity: Delving into the Cannabis Chart of Accounts and Full Absorption Accounting" Dive deep into the crucial intersection of cannabis-specific Chart of Accounts (CoA) and the full absorption method of accounting. Discover why a tailored CoA is vital for accurate financial reporting, regulatory compliance, and pinpointing product profitability in the cannabis sector. Whether you're an industry veteran or a budding entrepreneur, this comprehensive guide sheds light on the financial backbone that can help cannabis businesses flourish. Navigate the complexities of cannabis accounting and ensure your business remains both compliant and profitable.

Choice of Entity Tax Issues

When forming a business, the first step is to decide what type of entity is the best form for the business. Which entity is the best form depends on structure, liability, management and tax considerations.

Independent Contractor Checklist

Checklist to solve the problem of whether an individual is an employee or independent contractor.

Forming a Corporation Checklist

This Checklist summarizes the main steps to take and critical issues to consider when forming a corporation.

LLC Agreement Checklist

This Checklist compiles questions to consider before preparing a comprehensive limited liability company (LLC) agreement.

Are your cannabis tax accounting education courses approved for continuing professional education (CPE) hours?

Not at the moment. We are in the process of becoming an approved continuing education provider for the Internal Revenue Service so our students can earn credit hours for our courses. Upon IRS approval, we will offer CPE credit hours for IRS Enrolled Agents, Oregon Licensed Tax Consultants & Licensed Tax Preparers. CPE hours will also qualify for Chartered Financial Consultant (ChFC), and Certified Financial Planner (CFP) designation holders.

Will your cannabis education programs provide the necessary knowledge to enter this lucrative and exciting industry?

Our flagship course provides students with a complete overview of Internal Revenue Code Sections 280E and 471. The courses cover how to calculate cannabis cost of goods sold (COGS), account for inventory under IRC 471 (3) & (11), GAAP accounting basics (including cost / full absorption accounting), how to prepare GAAP compliant financial statements, the basics of cannabis business entities, and the preparation of cannabis tax returns.

What if I have questions about the cannabis tax accounting education course material?

f you have any questions, you may call or email and we will respond within 24 hours.

Are there any time limits on finishing the course material?

No! You may take all the time you need to work through the course materials!

We provide expert cannabis tax and accounting training to individuals and businesses nationwide. We educate and guide your staff on business operations and accounting with the best financial practices available with a focus on strict compliance. Contact us today for a free consultation!

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Resources

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