accounting, tax and advisory services for the cannabis ...€¦ · network of independent audit,...
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MGI North America is part of MGI Worldwide, a Top 20 ranked international accounting network of independent audit, tax, accounting and consulting firms. www.mgiworld.com
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MGI Worldwide is a network of independent audit, tax, accounting and consulting firms. MGI Worldwide does not provide any services and its member firms are not an international partnership. Each member firm is a separate entity and neither MGI Worldwide nor any member firm accepts responsibility for the activities, work, opinions or services of any other member firm. For more information, visit www.mgiworld.com/legal.
Accounting, Tax and Advisory Services for the Cannabis Industry
Although the legalization of cannabis in many states throughout the U.S. has created growth opportunities for CPA firms, it is also a very challenging and ever-changing business and regulatory environment. For CPAs considering providing services to businesses that operate in the cannabis industry, where do you start? How can you remain up-to-date on the most current Federal and State laws and regulations to advise your clients and ensure they maintain the necessary records and issue the required reports to governments and agencies to prevent fines and penalties?
Through a partnership with Boeckermann Grafstrom & Mayer, LLC, a member of MGI Worldwide, and Bridge West LLC, MGI member firms can assist their clients through the unique and ever-evolving issues facing the cannabis industry.
• Consulting on entity selection issues, dependent on State law and interpretation; working with attorneys knowledgeable in this area
• Establishing proper Chart of Accounts for management and tax planning • Assisting selection of proper Point-of-Sales systems • Assisting selection of proper accounting software • Training in bookkeeping data entry and/or providing services in data entry • Consulting on best practices for proper compliance in all areas of taxation
and financial regulation – city, county, state, national; working with knowledgeable local and national attorneys
• Providing back office services • Consulting on Internal Revenue Code Section 280E • Consulting on other entities affiliated with main business • Building a business model; planning with executive directors and owners • Benchmarking all financial data; performing salary studies • Analysis of financial and non-financial data with owners/executive directors • Consulting with executive directors and owners on insurance, banking,
merchant services issues • Preparing all required tax returns: income tax; sales tax; city business taxes • Providing attest and audit services • Consulting on proper internal controls to reduce material misstatement and
fraud • Preparing for IRS and State audits
Cory Parnell, CPA COO Bridge West LLC
__________________________________ St. Paul, MN 651-287-6327 [email protected] www.bridgewestcpas.com
Jim Marty, CPA, ABV, MS CEO Bridge West LLC
__________________________________ Denver, CO 303-651-0304 [email protected] www.bridgewestcpas.com