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Washington DC Cannabis Accounting

Puff Puff Accounting, serving Washington DC, 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

1 Free Hour - (833) 319-0797

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.

Washington DC 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 means to handle your audit yourself and DIY it. Choices like QuickBooks have made this possible, but I caution you, if you are doing among these two points, you most likely require to let somebody else care for it.

  1. If you are covertly questioning if you’re even doing this right whatsoever, that’s a red flag.
  2. If you’re refraining from doing it in any way because well you don’t recognize what to do and it’s frustrating, that’s a huge warning and also it’s time to allow a professional take over.
What are common ways accountants bill their clients?
Some Certified public accountants expense per hour, they charge you some dollars per hr relying on just how much time they put in. It’s likewise typical to bill dealt with fees for specific projects. Your Certified Public Accountant may do your income tax return for one rate as well as prepare an additional quote for the following job. One more preferred price structure is the annual set rate agreement. Your CPA might claim, “I’m going to give this range of solutions to you, and also I’m mosting likely to give you endless telephone call and also unlimited conferences, as well as I’m going to do that all for $X amount of dollars each year.” That buck quantity would certainly probably be billed monthly. We commonly suggest relationships which are not hourly. Repaired cost billing urges interaction in between the client and also the Certified Public Accountant. The more the CPA understands about the customer’s organisation and also their life and also what’s going on, the far better guidance they can give. When clients are uncomfortable with getting the phone, worried they’re going to get a large expense, they are much less most 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 should expect from your Certified Public Accountant depends a lot on your organisation objectives. If you’re a really small company and also you’re not planning to expand much in the near future, perhaps all you require is somebody to prepare your tax return. Nevertheless, probably you have an expanding company. You require someone that can consult with you on staff member issues, administration issues, accounting system established and layout. These are some things to take into consideration when imagining the degree of commitment you require from your Certified Public Accountant. I commonly train my clients to create a want list of points they desire from us. Naturally, the even more commitment a client needs from us, the larger the interaction will be, which will raise prices. Beginning with the optimum and functioning down, though, is always the most effective wager. We can instructor you on which things on your shopping list will be one of the most impactful to your business and which ones might be lesser. So listing out those details objectives you wish to complete with your CPA. “This is what I desire out of that connection.” Don’t be afraid to make that a pretty long list. What you wish to do is pretend cash is no object. List every little thing that you desire to leave this partnership. From that placement, you can start to prioritize that list and also say, “these six things are essential in this connection 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 hire? Should it be a bookkeeper, an accountant, or a CPA? What’s the difference? One of the most essential point is just that you understand that these documents are being maintained which you feel confident in the individual maintaining them. An accountant preserves your accountancy records. They get in all deals, as well as they balance your funds. Accountants concentrate on financial resources, taxes, budgets, company operations, payroll, as well as money management. But understand this, there are various sorts of accountants who concentrate on numerous areas of company. In other words, if you break your leg, do not go to the skin specialist. You wish to ensure that you locate the best individual for your small company. Puff Puff Accounting has bookkeepers and accounting professionals on personnel. This way. When it involves month-to-month transaction processing, our accountants can do it for a lower cost. When we’re speaking about finance and tax obligation planning, you have a CPA ready to step in.
What are the 5 types of accountants?
What is action top of becoming successful in your business? You’re going to require an accounting professional. Currently you don’t have to hire us. You can employ in home. If you participate in home, that should you obtain? There are a great deal of choices and also various budget plans around that you require to be familiar with. You do not intend to get the incorrect individual for the incorrect task description. The first person you’re going to employ is your accountant. This is the data entrance expert. Relying on where you live, you’re mosting likely to pay a various quantity for he or she. If you live in Idaho, for instance, you may be on the reduced end around 18 to $20,000 a year. However if you’re in New York or California, you could be upwards of 40,000 or perhaps $45,000 a year for the same setting. Know that this person offers a details function. They’re not going to be strong at creating records for you or doing business analytics or accounting processes. Their task is to get data right into the system. As well as if you’re a new business owner, likely, you have actually been doing this yourself. It’s wise to unload a few of the hefty grunt work of accounting, which will certainly allow you to start assessing the records. An accountant is a great hire for any person prepared to increase their service, but not prepared to invest in the high leading rate accounting professionals just yet. The following level up guys is the accounting professional. Now, a great deal of people assume bookkeepers as well as accountants coincide. They’re not. It’s very, really various. You’re going to pay a greater amount for someone that’s an accountant. Your accountant has actually been placing data into the system all month long. Your accounting professional normally is helping to supervise that process. After that, at the end of the month, your accounting professional will do several of the even more hefty training tasks which require resolving your trial equilibrium and making month-end journal access. They will certainly also do some of the accrual work that’s mosting likely to need to take place in your financials. In some cases, an accounting professional will help develop financial statements. They are at that month’s end position. For an accounting professional, depending again on where you live, you can anticipate to pay anywhere from possibly $30k as much as $60k/year. The next level up is the controller. The controller fills the process of looking after the whole accounting system. They get to orchestrate what’s happening as well as when. They see to it the data is entering the system in a timely manner, and that the month and also general passions are taking place on schedule. The controller is in charge of the final product that’s coming out of the bookkeeping system. That is the annual report, the revenue declaration, and the cash flow declaration. Those kinds of documents hinge on the shoulders of your controller. This is an extra costly setting to fill up, as well as it must be. This person requires to have a lot of experience, must at least a bachelor’s degree in audit, otherwise entering into their master’s degree. I would anticipate to pay anywhere from $45k to $85k/year for he or she. Currently we’re mosting likely to speak about the King or queen on top of the mountain. This is your CFO. CFO stands for “primary financial officer.” They hold a C suite setting in your business. This person’s pricey. You wish to beware when you work with a CFO since not all CFOs are created equal. Whatever up to this factor has been task-related, concentrating on just journal entrances as well as debiting and crediting. When you enter a CFO role, this calls for tactical reasoning. Not all accounting professionals have that capacity. If they’re not able to see the big picture as well as create plans that are organisation development relevant, they aren’t qualified for the job. They ought to equate the work that the rest of the group is doing into objectives for your business. Your CFO requires to make sure that you’re striking 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 commonly what I have actually seen nationwide for somebody of this quality. Last but not least is the Certified Public Accountant. The Certified Public Accountant means “state-licensed accountant.” If you’ve begun your firm, you recognize that you need a tax guy, right? That’s the CPA. His work is to do 2 points. One is to prepare your tax method. That is to take every little thing you’re doing throughout the year as well as prepare it to ensure that you are not investing more than you need to on tax obligations. That’s the major objective. Nonetheless, a CPA usually fills up the function of an auditor where they can be found in as an independent party. They make sure that your publications are precise and tidy and also reflective of what’s occurring in the real life. In regards to cost, you’re going to spend anywhere between $125 a hr to upwards of $450 an hour for a qualified CPA.

Contact Us

(833) 319-0797