CPAs Serving the Cannabis Industry

 

Gov. Phil Murphy's support of legalizing cannabis has prompted CPAs and other professionals to begin figuring out the ground rules of a potential multibillion-dollar industry. Join the NJCPA's new Cannabis Interest Group to gain information, insights and best practices as we wait for the legislative and regulatory process to play out in Trenton.

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Events

November 21, 2019
New Businesses – Advising Clients on Related Tax Issues and Accounting, Auditing and Tax Considerations for the Cannabis Industry
Mount Laurel

8 Fast-Growing Service Areas for CPAs

Posted: August 1, 2019
Savvy CPA firms are taking advantage of opportunities to expand their services and quickly deliver more value. International reporting, cannabis guidance, environmental management, and sports and entertainment taxation are among the areas CPAs are enjoying early success in.

Gov. Murphy Signs Law Greatly Expanding NJ's Medical Marijuana Program

Posted: July 3, 2019
Overhaul allows more professionals to prescribe medical pot, in higher amounts, and with fewer restrictions.

Providing Services to Cannabis Clients

Posted: May 30, 2019
Legalized cannabis is a fast-growing industry, but providing services to cannabis businesses carries risk for CPA firms. Here are factors to consider related to this practice area.

Unique Opportunity for Investors in the New Jersey Cannabis Industry

Posted: May 15, 2019
By forming a qualified opportunity fund (QOF) and investing in real estate, which may be leased to an operating cannabis company depending on the jurisdiction, investors may be able to participate in the growth of the cannabis industry. Find out how.

Special Tax Issues for Cannabis Businesses

Posted: April 10, 2019
It’s tax time for everyone, but for entrepreneurs in the rapidly growing cannabis business, it’s a particular challenge.

From the NJCPA Focus blog:

The Beginning of the End for IRC Section 280E — The FDA Reschedules (Some) CBD Drugs

by Raymond V. Owens, CPA, tax manager, Citrin Cooperman | Oct 11, 2018
Accountants would be wise to keep their eyes on IRC Section 280E. If this is the beginning of a trend for the Drug Enforcement Agency, perhaps all businesses operating within the medical cannabis space may soon be able to claim exemption from IRC §280E.

Tax Practitioners Need to Analyze Their Own Risk Appetites Before Servicing the Cannabis Industry

by Raymond V. Owens, CPA, tax supervisor, WithumSmith+Brown | Jul 31, 2018
Tax practitioners will have to examine their appetite for risk before serving clients in the cannabis industry. Education on Internal Revenue Codes will allow tax practitioners to best protect themselves from scrutiny as will understanding the calculation of cost of goods sold (COGs).