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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

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.

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

Frequently Asked

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

There are certainly ways to take on your accounting on your own and also Do It Yourself it. Alternatives like QuickBooks have made this feasible, but I alert you, if you are doing one of these two points, you most likely need to let another person take care of it.

  1. If you are privately questioning if you’re even doing this right in any way, that’s a red flag.
  2. If you’re refraining from doing it whatsoever because well you do not understand what to do as well as it’s overwhelming, that’s a significant warning and also it’s time to allow an expert take control of.
What are common ways accountants bill their clients?
Some CPAs costs per hour, they bill you some dollars per hr depending on just how much time they put in. It’s additionally usual to bill taken care of charges for individual jobs. Your CPA might do your income tax return for one rate and also prepare one more quote for the following project. One more popular price framework is the annual set rate agreement. Your CPA might state, “I’m mosting likely to give this series of solutions to you, and I’m mosting likely to give you endless telephone call and also endless meetings, as well as I’m mosting likely to do that all for $X amount of bucks annually.” That buck quantity would certainly most likely be billed monthly. We normally suggest relationships which are not hourly. Taken care of cost invoicing encourages interaction between the customer and also the Certified Public Accountant. The even more the CPA knows about the customer’s business and their life and what’s taking place, the far better guidance they can offer. When customers are uneasy with getting the phone, afraid they’re going to get a huge expense, they are much less most likely to select the phone talk to their CPA when they have something on their mind.
What should I expect from my CPA?
What you ought to anticipate from your CPA depends a whole lot on your service goals. If you’re an extremely local business as well as you’re not planning to expand much in the future, possibly all you need is someone to prepare your income tax return. Nonetheless, probably you have a growing company. You need somebody that can seek advice from you on employee issues, administration issues, accounting system established as well as layout. These are some points to take into consideration when picturing the level of dedication you need from your Certified Public Accountant. I typically train my clients to assemble a shopping list of points they desire from us. Of course, the more dedication a client requires from us, the larger the involvement will certainly be, which will certainly boost costs. Starting from the maximum and also functioning down, though, is always the best wager. We can trainer you on which things on your wish list will be the most impactful to your company as well as which ones may be less important. So listing out those certain goals you want to achieve with your Certified Public Accountant. “This is what I want out of that connection.” Don’t be afraid to make that a quite long listing. What you intend to do is pretend cash is no things. Checklist everything that you want to get out of this relationship. From that setting, you can begin to focus on that list as well as claim, “these six points are crucial in this connection that I’m going to have.”.
Do I need a bookkeeper or an accountant for my business?
So just how do you know who you require to work with? Should it be an accountant, an accountant, or a CPA? What’s the difference? The most essential thing is simply that you recognize that these documents are being kept which you feel confident in the person maintaining them. An accountant keeps your accounting records. They get in all purchases, and they balance your funds. Accounting professionals concentrate on finances, taxes, spending plans, company operations, pay-roll, and finance. However know this, there are various types of accountants who concentrate on numerous locations of organisation. To put it simply, if you damage your leg, do not most likely to the dermatologist. You intend to ensure that you find the ideal individual for your local business. Smoke Puff Audit has accountants as well as accountants on team. This way. When it concerns regular monthly deal processing, our accountants can do it for a minimal charge. When we’re discussing finance and tax obligation preparation, you have a Certified Public Accountant prepared to step in.
What are the 5 types of accountants?
What is action number one of becoming successful in your company? You’re going to require an accountant. Currently you don’t need to hire us. You can employ in house. If you participate in home, that should you get? There are a great deal of options as well as various spending plans around that you require to be familiar with. You don’t intend to get the incorrect person for the incorrect job summary. The first person you’re mosting likely to employ is your bookkeeper. This is the data access professional. Depending upon where you live, you’re going to pay a various quantity for this person. If you reside in Idaho, as an example, you may be on the lower 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 or even $45,000 a year for the very same position. Know that he or she offers a specific role. They’re not going to be solid at creating reports for you or working analytics or accounting processes. Their task is to obtain information into the system. And if you’re a new entrepreneur, likely, you have actually been doing this yourself. It’s smart to unload several of the hefty grunt work of accountancy, which will enable you to start assessing the records. A bookkeeper is a good hire for anybody prepared to broaden their service, but not prepared to purchase the high leading rate accounting professionals right now. The following level up men is the accounting professional. Currently, a great deal of people assume accountants and also accountants coincide. They’re not. It’s really, extremely different. You’re going to pay a greater amount for someone that’s an accounting professional. Your accountant has actually been placing data into the system all month long. Your accountant generally is assisting to oversee that process. Then, at the end of the month, your accounting professional will do several of the even more heavy lifting jobs which call for resolving your trial balance and also making month-end journal access. They will likewise do a few of the amassing job that’s mosting likely to require to happen in your financials. In many cases, an accountant will certainly help develop monetary statements. They are at that month’s end position. For an accountant, depending once again on where you live, you can expect to pay anywhere from possibly $30k up to $60k/year. The next degree up is the controller. The controller loads the procedure of managing the whole bookkeeping system. They get to manage what’s taking place and also when. They make certain the information is getting into the system promptly, which the month as well as general rate of interests are occurring on schedule. The controller is responsible for the final product that’s coming out of the accounting system. That is the balance sheet, the income statement, and the capital statement. Those kinds of records hinge on the shoulders of your controller. This is an extra expensive setting to fill up, and also it needs to be. This person requires to have a lot of experience, need to a minimum of a bachelor’s degree in accounting, if not entering their master’s degree. I would expect to pay anywhere from $45k to $85k/year for he or she. Currently we’re going to discuss the King or queen on top of the mountain. This is your CFO. CFO stands for “chief financial officer.” They hold a C suite placement in your business. This person’s pricey. You wish to take care when you work with a CFO due to the fact that not all CFOs are developed equal. Every little thing as much as this point has actually been task-related, focusing on simply journal entries and also debiting and also attributing. When you step into a CFO duty, this needs calculated reasoning. Not all accounting professionals have that capacity. If they’re not able to see the big picture as well as create strategies that are organisation development associated, they aren’t received the task. They need to translate the job that the rest of the group is doing into objectives for your business. Your CFO needs to make certain that you’re hitting the targets you need to hit with the right amount of cash behind each goal. For a CFO, you can expect to pay anywhere from $75k to $250k/year. That is usually what I have actually seen nationwide for somebody of this quality. Last but not least is the Certified Public Accountant. The CPA represents “cpa.” If you’ve begun your company, you understand that you require a tax individual, right? That’s the Certified Public Accountant. His job is to do two points. One is to prepare your tax 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 require to on taxes. That’s the main objective. However, a Certified Public Accountant often fills the role of an auditor where they are available in as an independent party. They make certain that your publications are accurate as well as clean and also reflective of what’s happening in the real world. In regards to cost, you’re going to spend anywhere between $125 an hour to upwards of $450 an hour for a qualified CPA.

Contact Us

(833) 319-0797