Understanding the myths that business owners believe about Cannabis accounting can give you a leg up on understanding their perspective and may better form how you pitch your value to them when you do reach out. For every myth they believe, you can counter with a well-researched answer, illuminating the consequences of misunderstanding tax codes and regulations in their industry and leading them towards a path of eventual profitability and compliance.
In this episode, Andrew Hunzicker, CPA, gets to the bottom of these myths:
🌿 Myth #1 - Cannabis companies can claim deductions or credits when filing taxes because of the federally illegal status of the substance.
🌿 Myth #2 - All of the regulatory compliance issues can be handled in-house.
🌿 Myth #3 - Cannabis companies don’t need complex cost accounting processes, a Permanent Audit Trail, proper support, or tax liability relief via 471-11.
🌿 Myth #4 - Just because a Cannabis business has high revenue, its net income must be high as well.
CLICK HERE to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”
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