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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 – (833) 319-0797

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

Free 15 Minute Consult - (833) 319-0797

Get A Free Online Consultation

Have burning questions you need to get answered? Take advantage of our free half 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

Frequently Asked

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

There are certainly methods to take on your accounting yourself as well as Do It Yourself it. Choices like QuickBooks have made this feasible, but I warn you, if you are doing one of these two points, you most likely need to allow another person look after it.

  1. If you are covertly wondering if you’re even doing this right in all, that’s a red flag.
  2. If you’re refraining it at all because well you do not understand what to do and it’s overwhelming, that’s a substantial warning and it’s time to allow an expert take over.
What are common ways accountants bill their clients?
Some Certified public accountants costs per hour, they charge you some bucks per hour depending upon how much time they place in. It’s also typical to charge dealt with charges for individual projects. Your Certified Public Accountant might do your income tax return for one rate and prepare an additional estimate for the following project. One more prominent cost structure is the annual fixed price arrangement. Your CPA might state, “I’m going to supply this variety of solutions to you, and I’m mosting likely to offer you limitless telephone call as well as unrestricted meetings, and also I’m mosting likely to do that all for $X quantity of dollars annually.” That dollar quantity would most likely be billed monthly. We commonly advise relationships which are not per hour. Repaired charge payment encourages communication in between the client and also the CPA. The even more the Certified Public Accountant understands about the customer’s business and also their life and also what’s going on, the far better suggestions they can give. When customers are uncomfortable with grabbing the phone, scared they’re going to get a large costs, they are less likely to select the phone talk with their Certified Public Accountant when they have something on their mind.
What should I expect from my CPA?
What you need to expect from your Certified Public Accountant depends a great deal on your service goals. If you’re a very small company as well as you’re not intending to expand a lot in the future, possibly all you require is a person to prepare your income tax return. Nonetheless, perhaps you have an expanding company. You need someone that can consult with you on staff member issues, management issues, accounting system set up and style. These are some points to think about when envisioning the level of dedication you require from your Certified Public Accountant. I commonly trainer my clients to create a wish list of points they want from us. Naturally, the even more dedication a customer requires from us, the larger the interaction will certainly be, which will certainly boost prices. Starting from the maximum as well as functioning down, though, is always the best wager. We can trainer you on which things on your shopping list will be the most impactful to your business and also which ones may be lesser. So checklist out those certain purposes you intend to complete with your Certified Public Accountant. “This is what I desire out of that partnership.” Do not be afraid to make that a quite long listing. What you want to do is pretend cash is no object. Checklist every little thing that you want to leave this relationship. From that setting, you can start to prioritize that list as well as state, “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 exactly how do you know who you require to work with? Should it be an accountant, an accounting professional, or a CPA? What’s the distinction? One of the most crucial point is just that you recognize that these records are being kept which you feel great in the individual maintaining them. An accountant maintains your accountancy records. They enter all deals, as well as they balance your funds. Accounting professionals focus on financial resources, taxes, budgets, business operations, pay-roll, as well as finance. However know this, there are different kinds of accounting professionals that concentrate on various locations of company. To put it simply, if you damage your leg, don’t go to the dermatologist. You wish to ensure that you find the best person for your local business. Smoke Smoke Accounting has accountants and also accounting professionals on personnel. This way. When it concerns monthly deal processing, our accountants can do it for a lesser charge. When we’re talking about money management and tax obligation preparation, you have a CPA all set to step in.
What are the 5 types of accountants?
What is action leading of ending up being rewarding in your company? You’re going to require an accounting professional. Now you do not need to employ us. You can hire in residence. If you engage in residence, that should you get? There are a lot of alternatives as well as various budgets available that you require to be familiar with. You do not want to obtain the incorrect individual for the incorrect work description. The initial individual you’re mosting likely to work with is your accountant. This is the information access professional. Depending upon where you live, you’re going to pay a various amount for he or she. If you stay in Idaho, for instance, you may be on the reduced end around 18 to $20,000 a year. But if you remain in New York or The Golden State, you could be upwards of 40,000 and even $45,000 a year for the exact same placement. Know that he or she serves a details function. They’re not mosting likely to be strong at developing records for you or working analytics or accounting processes. Their job is to obtain information into the system. As well as if you’re a brand-new business owner, likely, you’ve been doing this on your own. It’s smart to unload some of the heavy dirty work of bookkeeping, which will certainly enable you to begin analyzing the reports. An accountant is a great hire for any person ready to broaden their company, yet not prepared to purchase the high top tier accounting professionals just yet. The next level up guys is the accounting professional. Now, a lot of people assume bookkeepers as well as accounting professionals are the same. They’re not. It’s extremely, really different. You’re mosting likely to pay a greater amount for someone that’s an accountant. Your bookkeeper has actually been putting information into the system all month long. Your accountant typically is helping to look after that procedure. After that, at the end of the month, your accountant will certainly do several of the even more heavy lifting jobs which need integrating your trial equilibrium and also making month-end journal entries. They will also do several of the accrual job that’s going to require to take place in your financials. Sometimes, an accountant will help develop monetary declarations. They are at that month’s end placement. For an accountant, depending once more on where you live, you can expect to pay anywhere from possibly $30k as much as $60k/year. The next level up is the controller. The controller loads the procedure of overseeing the entire accountancy system. They reach coordinate what’s happening and when. They see to it the information is entering the system in a timely manner, which the month and also basic passions are occurring in a timely manner. The controller is in charge of the final product that’s coming out of the accountancy system. That is the annual report, the income declaration, and also the cash flow statement. Those type of files hinge on the shoulders of your controller. This is a more pricey placement to fill up, as well as it should be. He or she requires to have a lot of experience, need to at the very least a bachelor’s degree in audit, otherwise getting involved in their master’s degree. I would anticipate to pay anywhere from $45k to $85k/year for he or she. Now we’re mosting likely to speak about the King or queen on top of the hill. This is your CFO. CFO represents “chief financial officer.” They hold a C suite placement in your firm. He or she’s costly. You intend to take care when you work with a CFO due to the fact that not all CFOs are developed equivalent. Everything as much as this factor has actually been task-related, focusing on simply journal entries and also debiting and also crediting. When you enter a CFO role, this needs critical reasoning. Not all accounting professionals have that ability. If they’re not able to see the big picture and also produce plans that are organisation advancement related, they aren’t qualified for the job. They need to convert the work that the remainder of the team is doing into objectives for your company. Your CFO needs to ensure that you’re hitting the targets you need to hit with the correct amount of cash behind each objective. For a CFO, you can anticipate to pay anywhere from $75k to $250k/year. That is typically what I’ve seen nationwide for someone of this caliber. Lastly is the Certified Public Accountant. The Certified Public Accountant represents “cpa.” If you’ve begun your business, you understand that you require a tax man, right? That’s the CPA. His job is to do 2 things. One is to prepare your tax approach. That is to take everything you’re doing throughout the year as well as prepare it so that you are not investing greater than you require to on tax obligations. That’s the primary goal. Nonetheless, a CPA frequently fills the function of an auditor where they are available in as an independent party. They make sure that your books are precise as well as tidy as well as reflective of what’s taking place in the real life. In terms of expense, you’re mosting likely to spend anywhere in between $125 an hour to upwards of $450 an hour for a certified Certified Public Accountant.

Contact Us

(833) 319-0797