420CPA
Strategic Tax & Financial Advisors
Serving You Since 2009
Through the Raids, the IPOs, and the Future
FEATURED MEDIA
Rachel Wright, CPA and Kimberly Simms, Esq present on the Legal Landscape – Cannabis in 2023 and Beyond in this one hour seminar hosted by the San Diego Law Library.
TAX
We serve hundreds of Cannabis businesses & their stakeholders each year. We work to navigate the complexities of local, state and federal tax law including advisory on 280E and 471c.
Strategies for tax savings in light of current and future anticipated legislation at the federal, state, and local levels- including outlining potential positive and negative outcomes of each strategy.
ACCOUNTING & REVIEW SERVICES
We believe that our partnership with clients includes being proactive in planning your success and deliver our most valuable assets- our support, our expertise, and our time. This engagement will be performed by Abraham Finberg CPA. Recently we wrote an article on whether Cannabis companies should change their method of accounting. Please find the full article here.
A preparation or compilation engagement may further substantiate your accounting as discussed in our article above and IRC 471(c). In addition, we will file a form 3115 Change of Accounting Method with your Federal income tax return.
ACCOUNTING
We can consult with your internal and external accounting staff on your chart of accounts- including allocation between costs of goods sold and SG&A (sales, general, and administrative) costs.
Segregating costs appropriately are critical in cannabis businesses in light of the deductibility of 280E expenses. We can assist you in determining appropriate methodology for allocating material, facility, payroll, and overhead costs in light of current tax law.
We consult with your external or internal accounting teams on best practices for internal controls & proper accounting setup to ensure that cost of goods & SG&A are segregated appropriately.
TAX RESOLUTION
We can advise and represent your business in audits with the IRS, CDTFA, and localities within California.
ADVISORY
We pride ourselves in offering our clients our most valuable assets- our support, our expertise, and our time. We realize that you have many concerns throughout the year and we want to ensure that we stay in regular communication with you throughout the year. We’ve tailored some consultation packages which offer a way for us to stay in touch on a regular basis and throughout the year not simply just at tax time. Services Regular and scheduled phone appointment with one of our firm Partners or your Tax Specialist. Onsite visits at our office are also available upon request. Reach out to us to discuss the various consulting packages we offer.
Here are some suggested topics you may want to discuss with us during your consulting and advisory time.
Income Tax Questions and Planning; Tax Compliance Audits (Income Tax, Sales & Excise Tax, Business License, Local Tax) General Accounting Controls; Best Accounting Practices General Business Concerns; Business Trends; Overview of Financial Statements Partner Entry- Exit Discussion; Entity Formation, Changes, & Dissolutions.
We Deliver
Personal Attention, Results That Count, Technical Excellence
We look forward to meeting you! We enjoy getting to know our clients and delivering personalized service.
Video On-Demand:
Should You Change Your Accounting Method? An Emerging Cannabis Loophole
