We are announcing an Ask Me Anything with Cyndi Finklebinder from Alpha Omega Accounting on Wednesday July 11th, at 11 AM MST to talk about accounting practices in an ever-evolving cannabis industry.
Check out Cyndi’s page here.
4 Likes
I know I’m a little early but I’m here to answer any question you might have about accounting, taxes or 280E compliance.
Cyndi Finkenbinder, CPA
www.alphaomega-acct.bz
1 Like
Thanks Cyndi! Good Morning!
1 Like
Hello good morning
2 Likes
I had a CPA tell me that rent for dispensary are not allowed and grow sites?? I knew about dispensary…
2 Likes
I love it when it is assumed that you can’t do 280E on rent - with the dispensary it is harder but there are normally areas of the building that are designated for storing and packaging both of which would be compliant.
Grow sites would for the most part be compliant - it is only the areas not used directly as the grow or curing areas - so if they have bathrooms, offices or other none growing areas those would be the only ones not compliant.
Square footage is king here - blue prints are even better - if you can document which areas are for what process you can get more square footage designated for 280E compliance.
By the way good to see you - we need to talk and see how things are going.
Cyndi
2 Likes
Lost 3 clients they went back to black market in California…Taxes yuck:)
2 Likes
I’m sorry to hear that - yes taxes are getting the better of alot of people but going back to black market just hurts those fighting to get it legal all the way around
2 Likes
Yes I also do percentage for rent:)
2 Likes
I am worried about too many on black market right now…
3 Likes
You know the only reason a grow site might not be applicable for 280E is an outdoor grow where you own the land because you don’t depreciate land - but if you are renting it the rent can be applied to 280E
2 Likes
@AlphaOmegaAccounting what is the most common problem your clients face and how do you help them solve this problem?
1 Like
the most common problem is that they don’t have documentation to back up why they classified something as 280E or not - we can help them clarify and write the criteria for when an ordinary expense such as rent would be classified as cost of goods for 280E - a big one is security cameras - if you don’t have the process and percentages written down and documented it is hard to prove it under audit
2 Likes
Calling all @ServiceProviders that are in the Accounting sector of the cannabis industry. Cyndi Finkleberger from Alpha Omega Accounting is here to talk about accounting practices in an ever-evolving cannabis industry. Join us!
2 Likes
I guess we are kicking this AMA off in a lively fashion! Carry on!
1 Like
Hey Cyndi, thanks for taking time out of your morning to host this AMA. How did you find your way into the cannabis business?
@AlphaOmegaAccounting what are your favorite software tools that you could not run your business without?
Do you have any software tools that you suggest your clients use?
1 Like
the key to 280E compliance is documentation - not just keeping receipts but have written procedures showing when you classify something as 280E and the reason behind it.
3 Likes
Software is my favorite topic.
I love Xero for accounting because it allows my clients to keep an eye on things even when they are on a beach on vacation.
HubDoc is a necessary app - it allows you to keep all your documentation and receipts in one place.
I like GreenBit for point of sell but there is some new ones that are just being released that work with Xero I have not had time to vet yet so am not sure if I will change that recommendation or not.
3 Likes
Who do you think is leading the pack in POS and seed to sale tracking software?
1 Like