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the wild world of weed: tax season never ends [video]

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how one top cpa got into the cannabis business.

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by 卡塔尔世界杯常规比赛时间
cannabizcpa.pro

when dean guske attends trade shows like the world cannabis congress & business expo, he isn’t proffering pipes, papers, pot, hydroponics, or paraphernalia. a cpa with over 250 clients in washington and oregon, guske is pushing tax prep and accountancy.

more cannabiz cpas:  america’s new breed of cannabis cpas [video]  |  ready or not: cpa firms find new opportunity in booming cannabis industry  |  from tech boom to cannabis boom  |  cannabis faq for accountants  |  what’s a cannabiz worth? ask a cpa.

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guske & company pllc got into this vast niche by professional coincidence, a client who liked the firm’s work and asked for some tax help with a new business. he was growing marijuana. this was new to guske, but it sounded interesting.

“i told him i’d have to do some research first,” guske tells 卡塔尔世界杯常规比赛时间. “i wanted to get a good understanding of what was going on tax-wise and an understanding of the industry before i accepted a client in that industry.”

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top 100 firms report solid growth amidst staffing challenges

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top 100 overall revenue chart
source: accountingtoday

attest, m&a and salt lead top trending niches.

accounting today’s annual listing of its top 100 firms reflects what the industry as a whole is seeing: business is good and it’s getting better.

overall growth was a healthy 8.44 percent, similar to but slightly higher than recent years.

firms with revenues between $100 million and $1 billion outpaced the others in growth mode, although mergers had a great deal to do with that.

the most difficult challenge cited was – no surprise – recruiting and retaining qualified staff, especially those with three to five years of experience. pressure is being put on the talent pool by retiring baby boomers only exacerbates the problem. tools to counter it include: read more →

what’s a cannabiz worth? ask a cpa.

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the top 51 issues in handling valuations of marijuana businesses. 

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by 卡塔尔世界杯常规比赛时间 research

the growth of legal marijuana businesses, from growing to retailing, has opened a new niche—or really a bunch of niches—for cpas.

among them are bookkeeping, internal control, tax accounting and preparation, management, holding companies, and general business council. the opportunities are born of the complexities behind them.

related:  billion-dollar questions: cannabis faq for cpas  | how cpas find opportunity in cannabis boom | america’s new breed of cannabis cpa [video] 

one of the opportunities is the valuation of these brave, new businesses as aggressive investors flood the market with fresh cash. “you’ve heard of the gold rush of the 1800’s,” one industry insider tells 卡塔尔世界杯常规比赛时间. “well, this is the ‘green rush.’”

now comes a new study issued by business valuation resources llc, “marijuana dispensaries: a budding industry brings opportunities and challenges for business appraisers,” which presents some ideas worth thinking about.  click here for a free preview of the new marijuana bv study.

“legal marijuana is a very good business,” says ron seigneur, mba, cpa/abv, asa, cva, cff, and a well-known advocate for cpas in the art and science of business valuation. seigneur, of denver-based seigneur gustafson llp, writes the introduction to the report. cpa jim marty of bridge west cpas, also denver-based, authors much of the report. marty has quickly emerged as one of a handful of nationally recognized accountants in the business.

several factors contribute to the opportunities of valuation. and several other factors contribute to the complications. in all, 卡塔尔世界杯常规比赛时间 finds dozens of points that shouldn’t go overlooked. some are germane in any valuation engagement. others are peculiar to the cannabis business. all require especially careful review in this fast-changing legal and regulatory environment.

here they are: read more →

billion-dollar questions: cannabis faq for accountants

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screen shot 2015-05-11 at 8.26.17 am
source: mjbizdaily.com/factbook/

18 frequently asked questions on taxes and accounting for cannabis businesses.
plus: six leading sources for more info.

by 卡塔尔世界杯常规比赛时间 research

with cannabis dispensaries and recreational stores pulling in about $3.1 billion in revenue this year, the u.s. marijuana industry is expected to pump an estimated $10 billion into state and local economies, making it a powerful source of industry, employment and taxes for cash-strapped states, according to the marijuana business factbook. the same source projects a $29 billion industry in four years, rivaling today’s u.s. wine industry.

related: see more marijuana-industry reports here

more than 60 tax, accounting and cpa firms in more than two dozen states are already advertising cannabis-related business issues as a specialty niche.

naturally, accountants have questions. here 卡塔尔世界杯常规比赛时间 answers a few of the most frequently asked… read more →

ready or not: cpa firms find new opportunity in booming cannabis industry

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marijuana and dollar notes

growing business draws on high-level skills and special talents.

plus: professional resources and cpe.

by 卡塔尔世界杯常规比赛时间 research
cannabizcpa.pro

attention cpas: there’s a big new niche opening in your area soon, but are you up to speed on accounting for a legal business that sells an illegal product?

america’s new breed of cannabis cpas [video report

  • not sure of the fine line between a felony and economic development? worried about the real estate implications of a marijuana dispensary?
  • are you up to date on the special irs rules for narcotics traffickers? wondering whether 10 flower pots in an attic qualify as an agricultural enterprise?
  • concerned about counseling a client whose business is illegal in a neighboring state where you hope to open an office? are you ready to be an expert witness for something you’ve never seen outside of a college dorm?
  • are baggies an office supply or a cost of goods sold? do you understand why your new cannabis client’s mortgage broker suddenly looks like he’s got hemorrhoids?
  • unsure of the deductibility of a medicinal bong?
  • does your potential client look a little, like, umm, you know…?

dude, get with it. the united states – some of the states, anyway – is opening up the biggest niche this side of the rio grande. read more →

6 ways to move beyond compliance services

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dollar concept, financial adviser or finance advisorybecoming a ‘trusted advisor.’

by sandi smith leyva
the accountant’s accelerator

here’s a question: what portion of your revenues are derived from compliance work – e.g., tax preparation and irs representation; bookkeeping; quickbooks setup, cleanup and training; payroll; and audit work – versus value-added work, e.g., revenue improvement, business consulting, profit margin analysis and workflow improvement projects?

if you answered 100 percent compliance work and no value-added services, you’re not alone.  there’s a lot of lip service about moving from compliance services to becoming a “trusted advisor.” there’s an equal amount of confusion in how to get started.

here are a few tips to help those of you who want to move in that direction. read more →

sound off: accountants see opportunity in obamacare

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bullhorn

in comments, it gets political.

by 卡塔尔世界杯常规比赛时间

call it what you will – the affordable care act or obamacare – accountants are calling it opportunity.

when we asked recently, “what’s the future of the professional tax preparation business?” a number of respondents called out the affordable care act.

“i think as aca takes effect we will be busier than ever before,” said jay d. parks of jay d. parks & associates, cpas in edmond, okla. read more →

the 5 first steps in targeting clients

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ed mendlowitz cpa the practice doctor q and a

how to build a plan.

by ed mendlowitz
101 questions and answers for managing an accounting practice 

question: i want to start growing my practice but am having trouble defining my target client.  i tend to accept every client i can and seem to have clients all over the place. is there anything i can do to better target my “ideal” clients? 

answer: to have a target client means you have a target. the target is the result of a plan. so, what is your plan?  read more →

de-bunking the myth about niche marketing for tax and accounting firms

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plus, five more essential pieces to the profit puzzle.

by marc rosenberg, cpa
author of “what really makes cpa firms profitable?”

i want to de-bunk a myth about niche marketing. many cpas that i have talked to think that niche marketing means that most, or all of their business, needs to be in their niche.

marc rosenberg
marc rosenberg

related:  practice development is no longer an optional activity • 10 good ways the achieve partner accountability • pick your partners right to begin with  •  the first nine questions your partner team needs to embrace for optimal profitability  • profitability and the value of strategic thinking  • the five essential building blocks for creating a strong accounting firm • the seven signs of great leadership in a cpa firm • compensation issues for the new managing partner  •

they think they will have to stop being generalists or will have to give up all their clients outside the niche. this is absolutely not the case. read more →