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Connecticut Cannabis Accounting

Puff Puff Accounting, serving Connecticut, is a cannabis industry focused CPA firm. We put all the pieces together so that you can focus on making money with your cannabis business.

You need CPA who understands the cannabis industry.

Puff Puff Accounting has provided tax planning, auditing and accounting services for cannabis businesses through the United States. You won't just see as at tax season. We advise many of our clients throughout the year. when you work with Puff Puff Accounting, you're not just meeting with a team of experienced accountants, you're gaining a lifelong advisor.

Our Services

Audit Response & Tax Resolution

Tax audits often happen years after the return in question was filed. That can make for a messy situation.

Corporate Entity & Structure Planning

Of all the choices you make when starting a business, one of the most important is the type of legal structure you select for your company.

Technical Accounting Services

Whether it’s preparing compliant financial statements or preparing for an audit, accounting responsibilities can be complex.

Tax Planning & Preparation

Tax preparation is a service that helps you file your tax returns. Make sure your tax reporting complies with federal and state tax laws.

Payroll Services

Payroll service will collect wage and hour information from the employer and use that information to calculate gross wages.

Bookkeeping Services

Recording receipts from customers. Verifying and recording invoices received from suppliers. Paying suppliers. Processing employees’ pay.

We Are Experts In Cannabis Tax Law

A lot of our new business comes from referrals from existing clients. That really says lot about how our clients are satisfied with the level of work that we perform for them.

Our clients tell their friends how well their accountant takes care of them. They say "My account is my friend now. I trust her." That level of trust is what we strive to achieve with all our clients.

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Tax Peace Of Mind

We do our best to maximize our client's return and get deductions for them that keeps them out of trouble.
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We're Affordable

When we work with small cannabis businesses, basically we become their affordable in house CFO.
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Year Long Tax Planning

The value that a client receives from a full service firm like Puff Puff Accounting is that they get full advisory and planning all year long.

Big Savings

1 Free Hour

Get A Free Online Consultation

Have burning questions you need to get answered? Take advantage of our free 1 hour initial consultation.

Testimonnials

“Hiring Edwin was one of the first and one of the best decisions I ever made when I first launched my company. He’s gone up to bat for me several times and is always on top of the latest changes in tax law. I couldn’t recommend Edwin more.”
Tylor B

“Our very first visit with this team put us at such ease and assurance that sharing all of our financial details was in very capable, professional and personable hands. We have been very pleased with the level of service we are receiving year in and year out.”
Adrian F

“They use the most current technology to securely access and review my confidential documents in a user-friendly platform. They are professional and have integrity that is hard to find. I would highly recommend J Chester to anyone.”
Ginger D

Protect Investments
Maintain Margins
Drive Growth

CPA Relationship Built On Trust

Finding a good CPA is almost like trying to find a good boyfriend or girlfriend. It's kind of like dating in a sense because it really starts with trust. This is a person who is going to know a tremendous amount of information about you. They're going to know your social security numbers. They're going to know how much you make and how you make your money.. They're going to really know your life and at a very personal level that most other professionals will never know and so it's really important you find somebody you can trust.

This trust is especially important for entrepreneurs in the cannabis industry. We build our client relationships on a solid foundation of trust. Spend an hour talking with us about your cannabis business and you'll know exactly what that means. We want to be your CPA and your trusted friend. We want to be the first person you call when there's a financial propblem in your company.

Our Mission

Talent is what sets exceptional organizations apart from the pack. At Puff Puff Accounting, we are committed to high standards of professionalism, integrity, and capability. When you hire a us as your CPA, you can rest assured that you're hiring a professional with a financial proficiency, strategic vision and commitment that will help your cannabis business compete and succeed.

Our mission is to be equipped to manage the pressures and pace of the cannabis industry with a deep understanding of cannabis laws. We will help you run an exceptional business while working within strict cannabis laws and regulations.

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Happy Clients

Recreational Use States

Medical Legalized States

Our Vision

CPAs work with a variety of businesses in every industry imaginable on a regular basis. It's not uncommon for a CPA to start the day working with a car dealership and by lunchtime a manufacturer and then in the afternoon to be solving a complicated issue related to a trust.

Our vision is to specialize in the cannabis industry in order to offer a level of expertise that cannot be matched by a traditional CPA firm.

Connecticut Cannabis Tax Services

The cannabis industry is unique. Don’t risk your livelihood my hiring a CPA who doesn’t have experience with cannabis laws and regulations. We will be your guide through a sea of stumbling blocks.

We specialize in cannabis tax law and regulations.

Cannabis Tax Planning And Preparations

Cannabis entrepreneurs carry a heavy tax burden. These taxes can make it difficult for cannabis businesses to generate a profit. Proper tax planning and knowledge of cannabis tax law is critical. Let us reduce your tax liability and increase your profits.

Tax Compliance

Cannabis tax law is complicated. Don't risk your business by being unaware of your tax liability.
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Yearly Tax Filing

Proper tax planning can massively reduce your tax liability at the end of the year.

Tax Resolution

Get representation by someone who knows the complexities of cannabis tax law. Don't risk hiring a traditional CPA.

Revenue Reconsiliation

A revenue reconciliation confirms whether your financial accounting matches your VAT statements. We recommend that you perform a revenue reconciliation at the end of each tax period, so that any incorrect bookings can be identified in a timely manner.

Financial Statements And Audit Support

There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders’ equity. Balance sheets show what a company owns and what it owes at a fixed point in time.

Business Combinations

A business combination is a transaction in which the acquirer obtains control of another business (the acquiree). Business combinations are a common way for companies to grow in size, rather than growing through organic (internal) activities.

Get In Touch With a Professional

Send a Message

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Frequently Asked

When is it time to hire a CPA for my cannabis business?

There are certainly ways to handle your accountancy on your own as well as DIY it. Choices like QuickBooks have actually made this feasible, but I advise you, if you are doing one of these 2 things, you most likely require to allow somebody else look after it.

  1. If you are privately wondering if you’re also doing this right in all, that’s a red flag.
  2. If you’re refraining it in any way because well you do not know what to do as well as it’s frustrating, that’s a massive red flag and it’s time to allow a specialist take control of.
What are common ways accountants bill their clients?
Some Certified public accountants bill hourly, they charge you some dollars per hr relying on just how much time they place in. It’s likewise usual to charge taken care of costs for private tasks. Your Certified Public Accountant may do your income tax return for one price as well as prepare another price quote for the next job. One more popular cost structure is the yearly set rate agreement. Your Certified Public Accountant could state, “I’m mosting likely to provide this series of solutions to you, as well as I’m mosting likely to provide you unlimited call and also limitless meetings, and also I’m mosting likely to do that all for $X quantity of dollars each year.” That buck quantity would certainly more than likely be billed monthly.

We commonly recommend relationships which are not per hour. Repaired charge billing urges communication between the customer and the Certified Public Accountant. The more the Certified Public Accountant understands about the customer’s organisation and their life and what’s taking place, the much better advice they can give. When clients are awkward with picking up the phone, worried they’re going to get a huge costs, they are less likely to pick the phone speak to their Certified Public Accountant when they have something on their mind.

What should I expect from my CPA?
What you should expect from your Certified Public Accountant depends a whole lot on your organisation objectives. If you’re a very small business and also you’re not intending to expand a lot in the future, possibly all you require is a person to prepare your income tax return. However, probably you have a growing company. You need a person who can consult with you on staff member issues, monitoring issues, accounting system set up and also layout. These are some points to think about when imagining the level of commitment you need from your Certified Public Accountant.

I usually train my clients to assemble a shopping list of things they desire from us. Obviously, the even more dedication a customer needs from us, the bigger the engagement will be, which will certainly increase expenses. Starting from the maximum as well as working down, though, is constantly the most effective bet. We can coach you on which items on your want list will certainly be one of the most impactful to your business and also which ones may be less important.

So checklist out those certain objectives you wish to complete with your Certified Public Accountant. “This is what I want out of that relationship.” Do not hesitate to make that a pretty lengthy listing. What you want to do is pretend cash is no item. Checklist everything that you desire to leave this partnership. From that setting, you can start to prioritize that list and say, “these 6 points are crucial in this relationship that I’m mosting likely to have.”.

Do I need a bookkeeper or an accountant for my business?
So how do you know who you require to work with? Should it be a bookkeeper, an accountant, or a Certified Public Accountant? What’s the distinction? The most important point is just that you recognize that these documents are being maintained which you feel great in the individual keeping them.

An accountant keeps your bookkeeping documents. They get in all transactions, and also they stabilize your funds. Accountants specialize in financial resources, taxes, budget plans, service procedures, pay-roll, as well as money management. But recognize this, there are various types of accounting professionals that specialize in different locations of company. In other words, if you break your leg, do not go to the dermatologist.

You intend to make certain that you locate the ideal individual for your small company. Puff Puff Audit has accountants as well as accountants on team. In this manner. When it comes to monthly transaction processing, our accountants can do it for a minimal charge. When we’re talking about finance and tax obligation preparation, you have a CPA all set to action in.

What are the 5 types of accountants?
What is action number one of becoming rewarding in your company? You’re going to need an accountant. Currently you do not have to employ us. You can work with in home. If you participate in house, who should you get? There are a lot of alternatives and also several spending plans available that you need to be knowledgeable about. You don’t want to get the incorrect individual for the wrong job summary.

The initial person you’re mosting likely to work with is your bookkeeper. This is the information entry professional. Depending upon where you live, you’re mosting likely to pay a different amount for he or she. If you reside in Idaho, for example, you might be on the lower end around 18 to $20,000 a year. Yet if you’re in New York City or California, you could be upwards of 40,000 or even $45,000 a year for the very same setting. Know that he or she offers a specific function. They’re not going to be solid at developing reports for you or operating analytics or accounting procedures. Their job is to get data into the system. And if you’re a brand-new business owner, likely, you’ve been doing this yourself. It’s clever to unload a few of the heavy dirty work of bookkeeping, which will enable you to start evaluating the records. A bookkeeper is a great hire for any person prepared to broaden their business, yet not prepared to purchase the high top tier accounting professionals right now.

The following degree up individuals is the accounting professional. Now, a great deal of people think bookkeepers as well as accountants coincide. They’re not. It’s really, very various. You’re mosting likely to pay a higher amount for somebody that’s an accounting professional. Your bookkeeper has actually been putting information right into the system all month long. Your accounting professional generally is assisting to supervise that process. After that, at the end of the month, your accounting professional will certainly do some of the even more hefty training tasks which call for resolving your test equilibrium and making month-end journal entries. They will likewise do some of the amassing work that’s mosting likely to need to take place in your financials.

In many cases, an accounting professional will certainly assist produce financial declarations. They go to that month’s end placement. For an accountant, depending once again on where you live, you can anticipate to pay anywhere from perhaps $30k as much as $60k/year.

The following level up is the controller. The controller loads the process of looking after the entire audit system. They get to manage what’s taking place and when. They make sure the data is entering into the system promptly, which the month and basic passions are taking place on schedule. The controller is in charge of the final product that’s coming out of the accountancy system. That is the balance sheet, the income statement, and the capital statement. Those type of records rest on the shoulders of your controller. This is a much more pricey setting to fill up, and it must be. This person needs to have a lot of experience, should at the very least a bachelor’s degree in accountancy, if not getting into their master’s level. I would anticipate to pay anywhere from $45k to $85k/year for this person.

Currently we’re mosting likely to discuss the King or queen in addition to the hill. This is your CFO. CFO means “chief financial officer.” They hold a C collection placement in your business. This person’s expensive. You want to beware when you work with a CFO since not all CFOs are created equivalent. Whatever approximately this factor has been task-related, concentrating on simply journal entries and also debiting as well as attributing. When you step into a CFO duty, this requires calculated thinking. Not all accountants have that ability. If they’re unable to see the big picture as well as create plans that are company growth related, they aren’t gotten approved for the job. They need to translate the job that the rest of the group is doing into objectives for your firm. Your CFO requires to make sure that you’re striking the targets you need to hit with the correct amount of cash behind each goal. For a CFO, you can anticipate to pay anywhere from $75k to $250k/year. That is usually what I’ve seen across the country for somebody of this caliber.

Last but not least is the CPA. The CPA represents “state-licensed accountant.” If you’ve begun your firm, you understand that you need a tax obligation guy, right? That’s the Certified Public Accountant. His task is to do two things. One is to prepare your tax obligation strategy. That is to take whatever you’re doing throughout the year and also prepare it so that you are not spending greater than you need to on tax obligations. That’s the major objective. Nevertheless, a Certified Public Accountant frequently fills up the function of an auditor where they come in as an independent celebration. They see to it that your publications are exact and also tidy and also reflective of what’s occurring in the real life. In regards to expense, you’re going to invest anywhere between $125 an hour to upwards of $450 an hour for a certified Certified Public Accountant.

Contact Us

(844) 382-8160