Marijuana retailing is considered illegal under federal law and US banking institutions are denying banking privileges due to the high risk of losing their FDIC license. Cannabis companies dealing with cash-only terms of service and strict federal regulation have been accumulating large sums of cash. Marijuana retailers deal cash daily and the large sums of unprotected money is dangerous. Banks need to track and account for the cash flow and companies have to provide detailed expense information associated with the marijuana process. Automated transaction systems are the future for the cannabis financial industry. Automate must be incorporated in order to suffice the Federal government’s standards; this would help attract more banking institutions and credit unions alike.
Cannabis companies must account for all of the expenses and must be ready for the Federal government’s tax policy. Tax and Accounting Services provides a team of dedicated specialists whose sole aim is to prepare your Cannabusiness for the inevitable audit. The experienced team knows the landscape of the Cannabis Industry and will prepare you company to defend an IRS and state audit when you receive your initial document request. Cannabis Tax and Accounting Services will assist your team in developing the most effective, tailored plan to ensure you are audit ready with minimal disruption to your business during the audit process.