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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 – (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.

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

Frequently Asked

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

There are absolutely methods to take on your audit yourself and also DIY it. Options like QuickBooks have actually made this possible, but I alert you, if you are doing one of these two things, you possibly require to allow another person take care of it.

  1. If you are covertly questioning if you’re also doing this right in all, that’s a red flag.
  2. If you’re not doing it at all because well you do not know what to do as well as it’s frustrating, that’s a huge warning as well as 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 bucks per hr depending on just how much time they place in. It’s additionally common to charge dealt with fees for specific projects. Your Certified Public Accountant may do your income tax return for one price as well as prepare another quote for the following task. One more preferred price structure is the yearly fixed cost arrangement. Your CPA might claim, “I’m going to give this series of services to you, and I’m going to give you endless call and also limitless conferences, as well as I’m mosting likely to do that all for $X amount of dollars per year.” That buck amount would certainly more than likely be billed monthly. We commonly suggest connections which are not per hour. Taken care of charge billing encourages interaction in between the customer and also the Certified Public Accountant. The even more the CPA knows about the client’s organisation and also their life and what’s taking place, the much better advice they can provide. When customers are awkward with getting the phone, worried they’re going to get a large costs, they are less likely to pick the phone talk to their CPA when they have something on their mind.
What should I expect from my CPA?
What you ought to expect from your CPA depends a whole lot on your company goals. If you’re a very small company as well as you’re not intending to expand a lot in the near future, perhaps all you need is somebody to prepare your income tax return. Nonetheless, perhaps you have a growing organisation. You require somebody that can talk to you on employee issues, management concerns, accounting system established and style. These are some points to think about when picturing the degree of dedication you need from your Certified Public Accountant. I commonly coach my customers to put together a want list of points they want from us. Obviously, the even more dedication a customer needs from us, the bigger the engagement will be, which will certainly boost expenses. Starting from the optimum as well as working down, however, is constantly the most effective wager. We can trainer you on which things on your wish list will certainly be the most impactful to your organisation as well as which ones might be less important. So listing out those certain purposes you wish to achieve with your Certified Public Accountant. “This is what I want out of that partnership.” Don’t be afraid to make that a pretty long checklist. What you intend to do is pretend cash is no object. List everything that you desire to get out of this connection. From that position, you can begin to focus on that checklist and also state, “these six 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 how do you know who you require to hire? Should it be a bookkeeper, an accountant, or a Certified Public Accountant? What’s the difference? One of the most essential point is simply that you understand that these records are being kept which you feel great in the individual keeping them. An accountant maintains your bookkeeping records. They get in all deals, and they stabilize your funds. Accounting professionals focus on financial resources, tax obligations, spending plans, organisation procedures, payroll, and also finance. Yet recognize this, there are various types of accountants that focus on numerous areas of business. Simply put, if you break your leg, do not most likely to the skin specialist. You want to make sure that you locate the right person for your local business. Puff Smoke Accounting has bookkeepers and accounting professionals on team. By doing this. When it concerns monthly purchase processing, our accountants can do it for a minimal charge. When we’re speaking about finance and tax obligation planning, you have a CPA prepared to step in.
What are the 5 types of accountants?
What is action number one of becoming rewarding in your service? You’re mosting likely to need an accountant. Currently you do not have to hire us. You can hire in residence. If you engage in residence, who should you get? There are a great deal of alternatives and several budget plans available that you require to be knowledgeable about. You don’t intend to get the incorrect individual for the incorrect job summary. The very first individual you’re mosting likely to work with is your bookkeeper. This is the information entrance professional. Depending on where you live, you’re mosting likely to pay a various amount for he or she. If you live in Idaho, as an example, you might be on the lower end around 18 to $20,000 a year. Yet if you remain in New York City or The Golden State, you could be upwards of 40,000 or perhaps $45,000 a year for the same placement. Know that he or she offers a particular function. They’re not mosting likely to be strong at creating reports for you or doing business analytics or accounting procedures. Their job is to get data into the system. As well as if you’re a new business owner, likely, you’ve been doing this on your own. It’s clever to offload some of the hefty grunt work of bookkeeping, which will certainly enable you to start evaluating the records. A bookkeeper is a good hire for anybody ready to expand their organisation, however not prepared to invest in the high leading tier accountants just yet. The following degree up guys is the accounting professional. Currently, a lot of individuals assume accountants and accountants coincide. They’re not. It’s very, very different. You’re going to pay a greater quantity for somebody that’s an accounting professional. Your accountant has actually been putting data into the system all month long. Your accounting professional generally is aiding to oversee that process. Then, at the end of the month, your accounting professional will do some of the even more heavy training jobs which need integrating your trial balance and making month-end journal access. They will certainly also do some of the amassing work that’s going to need to happen in your financials. In some cases, an accountant will assist develop monetary statements. They go to that month’s end setting. For an accounting professional, depending once again on where you live, you can anticipate to pay anywhere from perhaps $30k up to $60k/year. The following degree up is the controller. The controller fills the process of supervising the whole bookkeeping system. They reach orchestrate what’s happening and also when. They see to it the data is getting involved in the system on schedule, which the month and also basic interests are taking place on schedule. The controller is responsible for the end product that’s coming out of the accounting system. That is the balance sheet, the earnings statement, as well as the capital statement. Those type of files rest on the shoulders of your controller. This is a much more expensive position to fill up, as well as it should be. He or she needs to have a great deal of experience, should a minimum of a bachelor’s degree in accountancy, otherwise entering into their master’s degree. I would expect to pay anywhere from $45k to $85k/year for he or she. Currently we’re mosting likely to speak about the King or queen in addition to the mountain. This is your CFO. CFO represents “chief financial officer.” They hold a C suite placement in your firm. He or she’s expensive. You intend to be careful when you hire a CFO because not all CFOs are created equivalent. Whatever up to this point has actually been task-related, concentrating on simply journal entries and also debiting as well as attributing. When you step into a CFO function, this needs critical reasoning. Not all accounting professionals have that ability. If they’re unable to see the big picture and create strategies that are organisation advancement relevant, they aren’t received the job. They ought to convert the work that the remainder of the team is doing into goals for your company. Your CFO requires to make sure that you’re hitting the targets you require to hit with the correct amount of money behind each goal. For a CFO, you can anticipate to pay anywhere from $75k to $250k/year. That is commonly what I have actually seen nationwide for somebody of this caliber. Lastly is the CPA. The CPA means “state-licensed accountant.” If you’ve begun your firm, you understand that you need a tax person, 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 everything you’re doing throughout the year as well as prepare it so that you are not investing more than you require to on taxes. That’s the primary objective. Nonetheless, a Certified Public Accountant usually fills the duty of an auditor where they come in as an independent party. They make sure that your publications are precise as well as clean and also reflective of what’s happening in the real world. In terms of price, you’re mosting likely to spend anywhere in between $125 an hour to upwards of $450 an hour for a certified CPA.

Contact Us

(833) 319-0797