Is CBD Different from the THC Industry?
Bruce, CPA and Forensic Accountant, is your financial solution. He is dedicated to the establishment and growth of businesses.
1.) Set up your business with an accounting system that will meet the stringent requirements set out by GAAP and both federal and state agencies;
2.) Specifically for the cannabis industry, properly allocate COGS (cost of goods sold) to minimize your tax bill – keep more of your cash – to the amount allowed, following the rules of 280E;
3.) Document and standardize the process of COGS allocation allowing a consistent and methodical method for recording COGS thereby providing necessary evidential documentation matter needed upon IRS audit;
4.) Prepare and maintain the books and records ready for a CPA audit needed for cash raise, private placement, merger, acquisition, and public offering. In this video, he explained to us how CBD is different from a THC industry.