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Cannabis Business Accountant.

Professional Accounting for the Cannabis Industry

Federal regulations have created a significant strain on the financial side of running a business in the cannabis industry. Because the industry isn’t legal federally, businesses are unable to use banks for their finances, making money tricky to track. That is no problem for the Intentional Accounting team – we have experience with cash-only companies and can help you on your way to professionally organized books. 

Accountants can support the cannabis industry more than a business owner might initially think. Thanks to our in-depth knowledge of the laws and regulations that vary from state to state, our team is able to make sure your business stays in the legal limits of the area it resides in. Ensuring that your company is in compliance with these rules is vital to avoid serious legal action. We are able to help you through all state requirements, from taxes to financial planning to tracking the plants’ movement from grower to consumer. 

3 Taxes You Need to Know About as a Cannabis Business Owner

Aside from federal taxes, there are three major tax types you need to be aware of. These may vary from state to state, but ultimately boil down to:

  • Sales tax — the regular taxes levied on all retail goods
  • State tax — an additional excise tax that is imposed on marijuana only. This tends to run as high as 20-35%
  • Recreational use tax — some states are implementing a tax on recreational use marijuana. Instead of being based on prices, these taxes are calculated based on THC content or weight

We will help make sure you are in compliance with taxes and other regulations, including:

  • The 280E tax code, which disallows tax deductions on expenses imposed by the sale, distribution, and production of a Schedule I substance like marijuana
  • Food and Drug Administration (FDA) regulations, which hasn’t yet approved cannabis, but it is expected to in the near future
  • Good Manufacturing Practice (GMP) regulations, which is not yet uniformly applied due to the delay in FDA approval for cannabis products

Some of the services we specialize in helping cannabis business owners in is:

  • Essential bookkeeping for establishing and maintaining compliant, clean books
  • Providing monthly or quarterly financial statements and guidance on trends from month-to-month or quarter-to-quarter
  • Controller or CFO services for in-depth guidance on improving your workflows, productivity, and profitability
  • Oversight of your in-house finances and regular financial reviews
  • Tax preparation services to ensure you’re getting maximum tax benefits

Give us a call today to get started and learn what you need to know about managing your finances with your cannabis business.

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Quick to respond with the latest tax and accounting laws. Friendly and accommodating staff. great company to work with.
Ryan S.Customer Since 2017
Everyone we had dealings with at your company was very polite, knowledgeable and professional. Highly recommended.
Gary A.Customer Since 2017
We enjoy the personalized attention we receive as we continue in our relationship with Michael Callahan and Associates!
Charles M.Customer Since 2014
Michael Callahan and Associates is very attentive to detail and helped me to straighten out past filing errors as well as boil a complex situation into a compliant filing this year. Thank you for your assistance.
Milner B.Customer Since 2019
MCA is always detailed and gives you more service than you pay for. I have recommended many friends to MCA and will continue to do so! Thanks for everything you do for Body Renew Fitness.
Jeremy W.Customer Since 2013
Thanks for always doing a great job, being available when needed and helping me with taxes and tax advice. Best wishes to your continued success!
Sean C.Customer Since 2018
When you did my 2018 taxes I owed money and you saved me way more than I was expecting to have to pay. It was a big relief for me.
Danette G.Customer Since 2018
It has always been a very simple process and has been handled in a professional and competent manner.
Richard C.Customer Since 2014
Michael is a true professional, a knowledgeable expert in his field that offers the best accounting services for his clients. I highly recommend this firm to anyone seeking expert accounting services.
Gabriele W.Customer Since 2017
All of my questions were answered in a timely manner and despite some of the complex questions asked, they were answered in detail and with a professional response.
Customer Since 2019
I am so grateful to Nicole for her attention. I’m sure she has lots of competing demands on her time but when she talks to me I feel like I am her only concern.
Customer Since 2014
Have been very flexible with my sporadic schedule. And offering above and beyond, more than exceptional customer service and client care! I would recommend Michael Callahan to anyone and everyone!
Zachary W.Customer Since 2013
Your team provides the tools, knowledge & facts, combined with patience to educate your clients in terms of making sound financial decisions.
Paul M.Customer Since 2013
Doing my taxes is very confusing, especially as a freelancer. Callahan and Associates make everything clear and keep me worry free!
Thomas V.Customer Since 2018
Michael and his entire team have been instrumental in assisting my nonprofit organization get off the ground. I would highly recommend this company to any business or nonprofit!
Kimberly V.Customer Since 2015
Michael Callahan is a life saver and money saver when it comes to accounting services! I highly recommend he and his team for your growing business or association!
Darla G.Customer Since 2014

Intentional Accounting is 100% paperless, 100% cloud based, and can serve you across the US.

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