{"id":57955,"date":"2019-02-22t12:00:01","date_gmt":"2019-02-22t17:00:01","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=57955"},"modified":"2019-03-02t14:09:04","modified_gmt":"2019-03-02t19:09:04","slug":"cpa-takes-his-cannabis-practice-on-the-road","status":"publish","type":"post","link":"\/\/www.g005e.com\/2019\/02\/22\/cpa-takes-his-cannabis-practice-on-the-road\/","title":{"rendered":"cpa takes his cannabis practice on the road"},"content":{"rendered":"
\"portrait<\/a>
palomino<\/figcaption><\/figure>\n

he says 280e issues aren’t going away.<\/strong><\/p>\n

by liz gold
\ncannabizcpa.pro<\/a><\/p>\n

<\/i><\/p>\n

frank palomino jr. is ready to roll up his sleeves for cannabis companies.<\/p>\n

more on cannabiz:<\/b> moving beyond 280e: dean guske on the cannabusiness<\/a> | cannabis cpa carves out investment research niche<\/a> | \u2018genius accountant\u2019 helps cannabiz clients manage effectively<\/a> | bruce jolliff: jumping into cannabis head first<\/a> | mark guiley oversees new cannabis niche<\/a> | jessica velazquez on cannabis accounting and activism<\/a> | podcast: jim marty and cory parnell go national<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

having obtained his cpa designation in march 2017, palomino started his company just a few months later in july to live the cpa dream of hanging out a shingle and building up a book of clients.
\n
\na virtual dream, that is.<\/p>\n

palomino and his wife were living in orange, texas, thinking about moving out of the area. he had just stopped working with high net worth clients at a small accounting firm and was looking at six feet of water in their home because of hurricane harvey. a decision had to be made.<\/p>\n

\u201cthe majority of the stuff we owned went to the side of the road so we decided instead of staying here and rebuilding, we would work remotely and see how that goes,\u201d he said. as a result, palomino started taking clients he could help out from anywhere. it was a decision that proved more than just convenient.<\/p>\n

\u201ci can help them no matter where they are,\u201d he said. \u201cand along the way, i\u2019ve figured out great processes to facilitate that. we feel lucky in a way because it gave us the opportunity to do this. yes, it was unfortunate, yes, we lost a lot of stuff, but we have always looked at the silver lining.\u201d<\/p>\n

his firm is truly virtual \u2013 in fact, he and his wife live out of a travel trailer, traveling from california to colorado back to texas. for him, it\u2019s a dream.<\/p>\n

palomino said, \u201clife just gave us a kick in the butt\u201d and as a result, he got really clear on who he wanted to serve \u2013 cannabis businesses. so he started frank palomino cpa pc, working to help clients with cost accounting, new technology and best practices to legally reduce their tax liability. his website is currently in development and he\u2019s been using linkedin to start networking.<\/p>\n

as a fairly new cpa, palomino knows there\u2019s a lot to learn \u2013 and continue to learn because the industry is constantly changing and moving at rapid speed. as irs code 280e continues to be a major headache for cannabis companies, he said those issues won\u2019t go away until cannabis is federally legal or reclassified to not be included as a schedule 1 substance.<\/p>\n

\u201ci got into the cannabis industry because i know (business owners) are underserved,\u201d he said. \u201ci just saw a big lack of help. i\u2019m trying to use my experience of using different technologies to help streamline the accounting process. being virtual is a tool that my clients and i utilize so we can communicate at our convenience. if i have to do work at midnight, i can do that at my leisure and send it to them for review. it makes it more efficient.\u201d<\/p>\n

though palomino is new to the cannabis industry, he\u2019s said he\u2019s doing his due diligence. that includes deep dive reading, researching various topics and issues, learning different strategies to implement with cost accounting and talking with his peers. he recognizes the many issues \u2013 lack of access to banking, cash management, fraud, underreporting, payroll, inventory, tax liabilities, compliance \u2013 as well as the general economy in some states that has produced an overabundance of product, driving prices down. the challenges are many as is the margin for error, but palomino is ready. he\u2019s starting small and expanding by targeting smaller, mom and pop companies to help them out at ground level and grow together.<\/p>\n

palomino said he has always had an entrepreneurial spirit and can help clients with whatever challenge they are confronting \u2013 even if it\u2019s not accounting-related. he enjoys working with clients hands-on, rather than being behind the scenes doing just the technical side.<\/p>\n

\u201ci don\u2019t like being idle,\u201d he said. \u201cin order for me to be more client-facing, i had to do it on my own,\u201d he said of leaving his previous firm. \u201ci want to be their advisor; i want them to come to me when they have the big problems they need to face. and to make sure everything is compliant and above board.\u201d<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

he says 280e issues aren’t going away.<\/strong>
\n\"\"
\nby liz gold
\ncannabizcpa.pro<\/a><\/i><\/p>\n","protected":false},"author":2463,"featured_media":57956,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[2759,3120,3002],"tags":[],"class_list":["post-57955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cannabis","category-pro-member-exclusive","category-special"],"acf":[],"yoast_head":"\ncpa takes his cannabis practice on the road - 卡塔尔世界杯常规比赛时间<\/title>\n<meta name=\"description\" content=\"actionable intelligence for tax, accounting, and financial professionals\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"\/\/www.g005e.com\/2019\/02\/22\/cpa-takes-his-cannabis-practice-on-the-road\/\" \/>\n<meta property=\"og:locale\" content=\"en_us\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"cpa takes his cannabis practice on the road - 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