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New York Cannabis Accounting

Puff Puff Accounting, serving New York, 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.

New York 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 definitely means to handle your bookkeeping on your own and also DIY it. Choices like QuickBooks have made this feasible, yet I advise you, if you are doing one of these two things, you probably need to let another person care for it.

  1. If you are secretly questioning if you’re also doing this right in all, that’s a warning.
  2. If you’re refraining from doing it in all because well you don’t understand what to do as well as it’s overwhelming, that’s a substantial red flag and also it’s time to allow an expert take control of.
What are common ways accountants bill their clients?
Some CPAs expense per hour, they bill you some bucks per hour depending upon how much time they place in. It’s likewise common to bill fixed charges for specific jobs. Your CPA might do your tax return for one rate as well as prepare an additional estimate for the following task. Another popular price structure is the annual set cost agreement. Your CPA might state, “I’m going to supply this variety of services to you, and also I’m mosting likely to offer you unrestricted telephone call as well as limitless meetings, and also I’m mosting likely to do that all for $X amount of dollars each year.” That buck quantity would certainly more than likely be billed monthly.

We typically advise partnerships which are not hourly. Fixed cost payment urges interaction in between the client as well as the Certified Public Accountant. The more the Certified Public Accountant learns about the client’s service and also their life and what’s taking place, the far better guidance they can give. When clients are unpleasant with getting the phone, scared they’re going to get a large bill, they are much less likely to choose the phone talk to their Certified Public Accountant when they have something on their mind.

What should I expect from my CPA?
What you must anticipate from your CPA depends a whole lot on your company goals. If you’re a really small company and also you’re not intending to grow much in the future, maybe all you need is a person to prepare your income tax return. However, perhaps you have an expanding service. You require somebody who can consult with you on staff member issues, management problems, accounting system set up and also design. These are some points to consider when envisioning the degree of commitment you require from your CPA.

I normally train my clients to assemble a want list of things they desire from us. Obviously, the more dedication a client requires from us, the bigger the engagement will be, which will increase expenses. Beginning with the maximum as well as functioning down, however, is always the very best wager. We can train you on which items on your wish list will be one of the most impactful to your company as well as which ones could be lesser.

So checklist out those certain purposes you intend to accomplish with your Certified Public Accountant. “This is what I desire out of that connection.” Don’t hesitate to make that a rather long listing. What you want to do is pretend money is no object. Checklist every little thing that you want to get out of this partnership. From that setting, you can begin to prioritize that checklist as well as claim, “these 6 points are most important in this relationship that I’m going 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 accountant, or a CPA? What’s the difference? One of the most vital point is simply that you know that these records are being maintained and that you feel confident in the person keeping them.

A bookkeeper keeps your accountancy documents. They go into all transactions, as well as they stabilize your funds. Accountants specialize in financial resources, tax obligations, budgets, organisation procedures, payroll, and also money management. But understand this, there are different kinds of accounting professionals that specialize in various areas of organisation. In other words, if you break your leg, do not most likely to the skin doctor.

You intend to ensure that you find the appropriate individual for your small company. Puff Smoke Accountancy has bookkeepers as well as accountants on personnel. In this manner. When it pertains to regular monthly transaction processing, our accountants can do it for a lower charge. When we’re talking about finance as well as tax planning, you have a CPA all set to step in.

What are the 5 types of accountants?
What is action number one of ending up being rewarding in your organisation? You’re going to require an accountant. Currently you don’t need to hire us. You can work with in residence. If you take part in house, who should you obtain? There are a lot of alternatives and various budget plans around that you require to be familiar with. You do not wish to obtain the wrong individual for the incorrect job summary.

The very first individual you’re going to employ is your accountant. This is the information entry professional. Relying on where you live, you’re mosting likely to pay a different amount for this person. If you stay in Idaho, for instance, you may be on the lower end around 18 to $20,000 a year. But if you’re in New York or California, you could be upwards of 40,000 or even $45,000 a year for the exact same position. Know that he or she offers a certain function. They’re not mosting likely to be strong at creating records for you or working analytics or accounting procedures. Their job is to get data into the system. And if you’re a new business owner, likely, you’ve been doing this on your own. It’s smart to unload some of the hefty grunt work of bookkeeping, which will enable you to begin assessing the records. An accountant is a great hire for anyone ready to expand their service, but not prepared to invest in the high top rate accounting professionals just yet.

The following level up guys is the accountant. Now, a great deal of individuals believe accountants as well as accountants coincide. They’re not. It’s very, extremely various. You’re mosting likely to pay a greater amount for somebody that’s an accounting professional. Your accountant has been placing data into the system all month long. Your accounting professional normally is helping to oversee that procedure. After that, at the end of the month, your accountant will do several of the more heavy training jobs which call for integrating your test equilibrium and making month-end journal access. They will likewise do several of the amassing job that’s going to require to occur in your financials.

In many cases, an accountant will assist create financial declarations. They go to that month’s end setting. For an accounting professional, depending once again on where you live, you can expect to pay anywhere from maybe $30k approximately $60k/year.

The following degree up is the controller. The controller loads the procedure of supervising the entire accountancy system. They reach orchestrate what’s taking place as well as when. They see to it the data is getting involved in the system on schedule, and that the month as well as general interests are taking place in a timely manner. The controller is in charge of the final product that’s appearing of the accounting system. That is the annual report, the income declaration, as well as the cash flow statement. Those type of records rest on the shoulders of your controller. This is an extra pricey placement to fill, and also it must be. He or she requires to have a lot of experience, should at least a bachelor’s level in bookkeeping, otherwise entering into their master’s degree. I would certainly anticipate to pay anywhere from $45k to $85k/year for he or she.

Now we’re going to speak about the King or queen on top of the hill. This is your CFO. CFO stands for “chief financial officer.” They hold a C suite setting in your business. He or she’s pricey. You want to take care when you hire a CFO since not all CFOs are produced equal. Everything as much as this point has been task-related, concentrating on just journal access and also debiting and also attributing. When you step into a CFO role, this needs strategic thinking. Not all accounting professionals have that capability. If they’re not able to see the big picture and create plans that are company growth relevant, they aren’t gotten the job. They should equate the work that the remainder of the group is doing into objectives for your company. Your CFO requires to see to it that you’re hitting the targets you need to hit with the right amount of cash behind each goal. For a CFO, you can anticipate to pay anywhere from $75k to $250k/year. That is typically what I have actually seen across the country for someone of this caliber.

Lastly is the Certified Public Accountant. The Certified Public Accountant stands for “cpa.” If you’ve started your business, you recognize that you need a tax individual, right? That’s the Certified Public Accountant. His job is to do 2 points. One is to prepare your tax technique. That is to take everything you’re doing throughout the year as well as prepare it to make sure that you are not spending greater than you need to on tax obligations. That’s the primary goal. Nonetheless, a CPA often fills up the role of an auditor where they can be found in as an independent celebration. They ensure that your publications are accurate and also clean and reflective of what’s happening in the real world. In terms of expense, you’re going to invest anywhere between $125 a hr to upwards of $450 an hour for a certified Certified Public Accountant.

Contact Us

(844) 382-8160