{"id":233,"date":"2020-06-12T20:32:38","date_gmt":"2020-06-12T20:32:38","guid":{"rendered":"https:\/\/www.apextrading.com\/blog\/?p=233"},"modified":"2020-06-12T20:34:06","modified_gmt":"2020-06-12T20:34:06","slug":"pairing-apex-trading-with-a-cannabis-accountant-for-compliance","status":"publish","type":"post","link":"https:\/\/temp.apextrading.com\/blog\/2020\/06\/12\/pairing-apex-trading-with-a-cannabis-accountant-for-compliance\/","title":{"rendered":"Pairing Apex Trading with a Cannabis Accountant for Compliance"},"content":{"rendered":"

Streamlining operations and establishing a brand are ideal practices for any company. But managing a cannabis business while maintaining compliance are crucial aspects of working in this industry.<\/span><\/p>\n

For day-to-day operations, Apex Trading saves cannabusiness operators hours and helps them stay organized. Between managing orders, clients, and inventory, this software makes a world of difference in the way cannabusinesses function.<\/span><\/p>\n

Since strict regulations and costly infractions characterize this industry, pairing Apex Trading\u2019s powerful software with a cannabis accounting team is the best way to ensure total compliance. Here are some ways a cannabis accountant contributes to keeping cannabis business operators compliant.<\/span><\/p>\n

Maximizing Allowable Deductions with a Cannabis CPA<\/span><\/h2>\n

Apex Trading is excellent for tracking cannabis business operations. However, even with this software in place, with 280E and 471, the right cannabis CPA will maximize your deductions.<\/span><\/p>\n

During tax season, effective bookkeeping practices from throughout the year plays a role in determining allowable deductions. Since cannabis companies are more challenging to navigate, an accountant will guide you to ensure your business is on track from an accounting standpoint.<\/span><\/p>\n

Administering Taxes (Other Than Income Tax) with an Accountant<\/span><\/h2>\n

Regulatory laws for cannabis differ from state to state. With federal legalization still in the process, the federal, state, and local levels of cannabis taxation make handling taxation challenging.<\/span><\/p>\n

The cannabis industry is still premature and lacks a federal system for tax revenue calculation across its entirety. Thus, cannabusiness operators need a way to determine their taxation at the federal, state, and local levels.<\/span><\/p>\n

While some operators decide to conduct the research on their own, it\u2019s challenging to learn the local regulations AND stay up to date on them. The following is what every cannabis business operator should know to compliantly administer their taxes on their own:<\/span><\/p>\n