Cannabis Tax Planning and Accounting Services | Polston Tax

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Your Full-Service Cannabis Accounting Partner

Cannabis tax laws can be challenging. Let us help you overcome the regulatory hurdles in your path.

Navigating Opportunities and Challenges in the Cannabis Industry

The evolving cannabis industry offers exceptional opportunities for growth; however, cannabis businesses also face complex and challenging issues ranging from compliance with changing state and federal regulations to adherence with Section 280E of the IRS tax code. In this highly-regulated industry, we know that confusing accounting and tax laws can make running your business difficult. You shouldn’t have to face these challenges yourself. At Polston Tax Resolution and Accounting, we understand the daily financial obstacles cannabis businesses are faced with, and we’re here to help!

Whether you’re a new startup business that needs a little guidance getting up and running, or a larger established cannabis grower, dispensary, or retailer, our knowledgeable and experienced team of cannabis accountants can help design accounting services and programs that fit your specific business needs. As a premier cannabis CPA firm, we’re committed to providing you with the powerful, accurate, and confidential accounting solutions you need so that your cannabis business can remain compliant and continue growing for many years to come.

Call us at (844) 841-9857 to learn more, or schedule your free consultation online today!

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What We Offer You

With over 100 years of combined experience, our cannabis CPAs provide you with comprehensive cannabis accounting and tax advisory services and programs tailored to your business. Our trusted services are specifically designed to help your cannabis business achieve its unique objectives.

Cannabis Accounting Process Structuring

We offer specialized accounting and bookkeeping solutions to make managing your finances easier, while also helping you remain compliant with federal and state regulations relating to the cannabis industry.

The cannabis accounting services we offer, include, but are not limited to:

Monthly financials preparation
Best practices and requirements for record-keeping and proper allocation activities per 280E
Internal accounting process customization and documentation preparation
Integration of accounting software with point-of-sale (POS) systems and Cannabis Tracking Systems (CTS)
Accounting software setup, including the chart of accounts to properly reflect Cost of Goods Sold (COGS) per taxing agency requirements and US Generally Accepted Accounting Principles (GAAP)

Cannabis Tax Preparation Service & Planning

Our cannabis accountants will plan and prepare federal, state, and local income tax returns for your business, with the most current cannabis taxation laws in mind. We help you properly allocate costs so that your business can optimize deductions and reduce taxes owed. Our expert tax services include:

Expert recommendations for best entity selection and set up
Best practices for business expenses to maximize deductions and lower your taxes
Guidance on the layout of facilities to reduce tax exposure

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Accounting and Tax Maintenance Programs

When you partner with Polston Tax Resolution and Accounting, we strive to get to know our clients and foster a long-standing relationship. For this reason, we offer our cannabis clients continuing accounting and tax programs to help your business thrive and provide you with the support and peace of mind you deserve.

We provide you with the following maintenance services:

Consistent assessment of accounting software integration with POS and CTS systems
Monthly GAAP Cost Accounting to allocate and maximize deductions
Income tax preparation on cannabis business and personal returns
Payroll tax return preparation and processing
Sales and excise tax preparation
1099 preparation
Estimated tax calculations
Franchise tax return preparation

Understanding the Tax Consequences of Owning a Cannabis Business

Audit Representation for Cannabis Businesses

One of the most intimidating and challenging issues your cannabis business can face is receiving an IRS or state audit notice. The IRS has stated that it is not a matter of if your cannabis business will be audited, it’s a matter of when. However, you don’t have to face the auditor alone. Our cannabis CPA firm provides effective IRS audit review, preparation, and even representation services. We’ll work to carefully identify and address any issues your organization may have, including, concerns with internal controls, business processes, and cash flow. Based on our many years of experience assisting cannabis businesses, our ultimate goal is to make sure you receive the best audit results and representation possible.

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Cannabis Accounting Services You Can Trust

Polston Tax Resolution and Accounting professionals are constantly trained and educated on current and upcoming cannabis taxes and regulations to help your business maintain compliance. We can help structure your cannabis company and provide you with ongoing accounting services to not only save you money, but mitigate an IRS cannabis audit. We offer cannabis accounting services to the states of Missouri, Nevada, and Oklahoma.

Discover the difference of working with a cannabis CPA firm that understands the complexity of your business and the challenges you face. Contact us today at (844) 841-9857 to schedule your free consultation.

TAX RESOLUTION SERVICES

That Deliver Results

Polston Tax has extensive experience resolving IRS and state tax issues, reducing or eliminating liens and wage garnishments, assisting with audits, and many more tax and financial-related services.

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Accounting and Bookkeeping Services

Thorough & accurate bookkeeping records are critical to any business. Our qualified staff will ensure your business operates efficiently & effectively.

Small Business Tax & Accounting

Our team makes sure your business is maximizing deductions and doing everything to keep you out of tax trouble while paying as little in taxes as possible.

Tax Return Preparation

Individual or a business, our experienced staff can develop tax strategies to take advantage of new tax laws & legislation when preparing your tax returns.

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