There have been significant business developments and job opportunities for a lot of people from the time marijuana started to be declared legal in most states. Since cannabis distribution is a now a legal activity is such regions, it had to be subjected to taxes and other legal requirements, and this led to the emergence of cannabis industry accountants. The legalization of cannabis in most states is done under exceptional conditions which also affects how the industry undergoes the taxation process. The tips below will help you choose a qualified cannabis industry accountant.
The first consideration is to establish the services of which accountant you need for your business. Several types of accountants are differentiated with the skill they have specialized to perform. For instance, a cannabis industry can be a bookkeeper or an enrolled agent. The bookkeeping cannabis industry accountants deal with the records of sales and purchases and develop a financial statement which you can use to make business decisions. Enrolled agents are accountants who are experts in matters of taxation hence can serve as business representatives in any legal capacity concerning taxes.
The second guide to choose the best cannabis industry accountant is to check that they have an impeccable work ethic. Cannabis distributors will give you an account of the suspicion of criminal activities on their line of business. You should therefore not make any shady financial decision which could give the tax collectors or any other legal system a reason to flag your business. You should have in-depth interaction with the cannabis industry accountant and research about them with the aim of getting their sense of working within the legal limits of the busies.
The third factor is to ensure that the cannabis industry accountant is readily available when you need them. In most situations for the benefit of the business, people contract one business accountant for a single purpose over an extended period. For the purposes of emergency situations and unscheduled consultation with your cannabis business accountant they should have a reliable way of availing themselves to clients. A reliable accountant is the one who makes habit to provide open channels where his clients can contact him, and the accountant makes plans to help them even when the accountant is busy. However when your cannabis industry account cannot be accessed even through communication channels, this could lead to problems in future, and it’s not a proper work ethic.
In conclusion, since cannabis is not federally legal, there are some state laws which govern the cannabis business and their taxation which your cannabis industry accountant should be knowledgeable. There are particular taxation protocols for cannabis businesses which might vary from one state to the other. The accountant whom you choose to take care of your tax filing and presentation should have first-hand knowledge of what is required depending on the laws of your region.