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Maryland Cannabis Accounting

Puff Puff Accounting, serving Maryland, 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.

Maryland 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 absolutely ways to tackle your accounting on your own and DIY it. Alternatives like QuickBooks have actually made this possible, however I caution you, if you are doing one of these two things, you probably require to let someone else look after it.

  1. If you are privately questioning if you’re even doing this right in all, that’s a red flag.
  2. If you’re refraining from doing it in all because well you don’t recognize what to do and it’s frustrating, that’s a massive warning as well as it’s time to allow an expert take over.
What are common ways accountants bill their clients?
Some CPAs costs hourly, they charge you some dollars per hr depending on how much time they put in. It’s also common to charge dealt with fees for individual tasks. Your CPA could do your tax return for one cost and also prepare an additional estimate for the next job. Another preferred cost structure is the yearly fixed rate arrangement. Your Certified Public Accountant may state, “I’m mosting likely to give this series of services to you, as well as I’m going to provide you endless telephone call and also unlimited conferences, and I’m mosting likely to do that all for $X quantity of bucks each year.” That dollar amount would certainly most likely be billed monthly.

We usually suggest connections which are not per hour. Repaired charge billing motivates communication between the client and also the CPA. The even more the CPA learns about the client’s service and their life and what’s taking place, the much better guidance they can offer. When customers are uneasy with grabbing the phone, scared they’re going to get a big costs, they are much less likely to select the phone speak with their CPA when they have something on their mind.

What should I expect from my CPA?
What you ought to expect from your Certified Public Accountant depends a great deal on your organisation objectives. If you’re an extremely small business and also you’re not planning to grow a lot in the near future, perhaps all you need is someone to prepare your tax return. However, maybe you have an expanding business. You need a person that can consult with you on worker issues, administration concerns, accounting system set up and layout. These are some points to consider when visualizing the level of dedication you require from your CPA.

I generally instructor my customers to create a want list of things they desire from us. Naturally, the even more dedication a customer needs from us, the larger the interaction will certainly be, which will certainly boost expenses. Starting from the optimum and also working down, though, is constantly the very best bet. We can train you on which products on your wish list will certainly be the most impactful to your company as well as which ones might be lesser.

So checklist out those certain goals you intend to achieve with your CPA. “This is what I desire out of that connection.” Do not be afraid to make that a rather long list. What you want to do is pretend money is no object. List whatever that you want to leave this partnership. From that setting, you can begin to prioritize that list and state, “these six points are most important in this partnership 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 an accountant, an accountant, or a CPA? What’s the difference? One of the most crucial point is simply that you understand that these documents are being maintained and that you feel confident in the individual maintaining them.

An accountant preserves your bookkeeping documents. They enter all deals, and they balance your funds. Accountants focus on financial resources, tax obligations, budgets, business procedures, payroll, as well as money management. Yet understand this, there are various sorts of accountants who specialize in different areas of business. Simply put, if you break your leg, do not go to the skin specialist.

You want to make certain that you discover the best individual for your small company. Smoke Smoke Bookkeeping has accountants and accountants on personnel. In this manner. When it involves month-to-month transaction handling, our accountants can do it for a lower fee. When we’re speaking about finance as well as tax planning, you have a Certified Public Accountant prepared to step in.

What are the 5 types of accountants?
What is action leading of coming to be rewarding in your service? You’re going to require an accounting professional. Currently you don’t need to hire us. You can work with in home. If you participate in home, that should you obtain? There are a great deal of alternatives and also several budget plans out there that you require to be familiar with. You do not want to obtain the wrong person for the incorrect work summary.

The first individual you’re going to hire is your accountant. This is the information entry professional. Relying on where you live, you’re mosting likely to pay a various quantity for this person. If you live in Idaho, for instance, you may be on the lower end around 18 to $20,000 a year. Yet if you’re in New York or California, you could be upwards of 40,000 or perhaps $45,000 a year for the exact same setting. Know that he or she offers a details duty. They’re not mosting likely to be solid at developing records for you or operating analytics or accounting processes. Their job is to get data right into the system. And if you’re a brand-new entrepreneur, likely, you’ve been doing this on your own. It’s wise to offload a few of the hefty grunt work of bookkeeping, which will certainly enable you to start assessing the records. A bookkeeper is an excellent hire for any person all set to broaden their business, however not prepared to invest in the high leading rate accountants right now.

The following degree up individuals is the accountant. Now, a lot of individuals believe bookkeepers and also accountants coincide. They’re not. It’s very, really various. You’re mosting likely to pay a greater amount for someone that’s an accountant. Your accountant has been putting data into the system all month long. Your accounting professional normally is helping to look after that procedure. Then, at the end of the month, your accountant will certainly do some of the even more hefty lifting tasks which call for integrating your test equilibrium and making month-end journal entrances. They will additionally do some of the accrual work that’s going to require to take place in your financials.

In some cases, an accountant will help produce economic declarations. They are at that month’s end setting. For an accountant, depending once again on where you live, you can expect to pay anywhere from maybe $30k as much as $60k/year.

The following level up is the controller. The controller fills up the process of overseeing the entire accountancy system. They reach manage what’s occurring and when. They see to it the data is getting involved in the system on schedule, and that the month as well as general rate of interests are happening in a timely manner. The controller is in charge of the end product that’s appearing of the bookkeeping system. That is the annual report, the earnings declaration, and the cash flow statement. Those kinds of files rest on the shoulders of your controller. This is a much more costly setting to fill, and it should be. This person needs to have a lot of experience, need to at least a bachelor’s degree in accounting, if not entering their master’s level. I would certainly expect 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 mountain. This is your CFO. CFO stands for “chief financial officer.” They hold a C suite setting in your company. He or she’s pricey. You wish to be careful when you work with a CFO because not all CFOs are produced equivalent. Whatever as much as this factor has actually been task-related, focusing on simply journal access as well as debiting as well as attributing. When you step into a CFO role, this needs calculated reasoning. Not all accountants have that capability. If they’re not able to see the big picture as well as create strategies that are business development relevant, they aren’t gotten approved for the work. They should convert the job that the remainder of the group is doing into goals for your firm. Your CFO needs to make certain that you’re hitting 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 normally what I’ve seen nationwide for somebody of this quality.

Finally is the CPA. The Certified Public Accountant represents “certified public accountant.” If you’ve started your firm, you know that you require a tax obligation guy, right? That’s the Certified Public Accountant. His work is to do 2 things. One is to prepare your tax obligation strategy. That is to take whatever you’re doing throughout the year as well as prepare it to make sure that you are not spending more than you need to on tax obligations. That’s the main objective. However, a CPA usually loads the function of an auditor where they can be found in as an independent party. They make certain that your books are accurate as well as tidy as well as reflective of what’s taking place in the real world. In terms of cost, you’re mosting likely to invest anywhere in between $125 an hour to upwards of $450 an hour for a certified CPA.

Contact Us

(844) 382-8160