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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.

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.

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 methods to tackle your audit on your own and Do It Yourself it. Options like QuickBooks have made this possible, but I caution you, if you are doing among these two points, you possibly need to let someone else care for it.

  1. If you are privately questioning if you’re also doing this right at all, that’s a warning.
  2. If you’re not doing it at all because well you do not understand what to do and it’s frustrating, that’s a massive warning and also it’s time to let a specialist take over.
What are common ways accountants bill their clients?
Some Certified public accountants costs per hour, they charge you some bucks per hour depending on just how much time they place in. It’s also common to charge taken care of costs for individual tasks. Your Certified Public Accountant might do your income tax return for one price and also prepare an additional price quote for the next project. One more preferred rate structure is the annual set rate contract. Your Certified Public Accountant might say, “I’m going to supply this range of solutions to you, as well as I’m mosting likely to offer you unlimited call as well as unlimited meetings, and I’m going to do that all for $X quantity of dollars each year.” That dollar quantity would certainly more than likely be billed monthly.

We typically advise partnerships which are not per hour. Repaired charge billing urges interaction between the customer and the Certified Public Accountant. The more the CPA finds out about the customer’s organisation and also their life and what’s going on, the better guidance they can give. When clients are unpleasant with getting the phone, afraid they’re going to get a large costs, they are 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 must anticipate from your CPA depends a great deal on your service purposes. If you’re an extremely local business as well as you’re not planning to grow much in the future, possibly all you require is a person to prepare your tax return. However, maybe you have an expanding company. You need someone that can speak with you on staff member matters, monitoring concerns, accounting system established and also layout. These are some points to consider when thinking of the level of dedication you need from your Certified Public Accountant.

I generally instructor my clients to create a shopping list of things they want from us. Certainly, the more dedication a customer requires from us, the bigger the interaction will certainly be, which will boost costs. Beginning with the optimum and working down, however, is always the most effective bet. We can trainer you on which things on your want list will be the most impactful to your business and which ones could be lesser.

So listing out those certain purposes you intend to achieve with your CPA. “This is what I desire out of that relationship.” Don’t be afraid to make that a pretty long listing. What you wish to do is pretend cash is no item. Listing whatever that you wish to leave this partnership. From that placement, you can begin to prioritize that list as well as say, “these six things are essential in this partnership 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 work with? Should it be an accountant, an accounting professional, or a Certified Public Accountant? What’s the distinction? The most vital thing is just that you recognize that these documents are being maintained which you feel great in the person keeping them.

An accountant keeps your accounting records. They get in all purchases, as well as they balance your funds. Accountants concentrate on funds, taxes, budget plans, service procedures, pay-roll, and also finance. Yet recognize this, there are different sorts of accountants that specialize in various locations of service. In other words, if you damage your leg, don’t most likely to the skin specialist.

You intend to see to it that you find the right individual for your small company. Smoke Puff Bookkeeping has bookkeepers as well as accountants on team. This way. When it involves regular monthly purchase handling, our accountants can do it for a lower fee. When we’re discussing finance and tax planning, you have a CPA all set to step in.

What are the 5 types of accountants?
What is step leading of becoming profitable in your service? You’re going to need an accountant. Currently you don’t have to hire us. You can work with in house. If you engage in home, that should you obtain? There are a lot of options and also various budget plans around that you need to be familiar with. You don’t want to obtain the wrong individual for the wrong task summary.

The very first person you’re mosting likely to employ is your accountant. This is the data access expert. Depending upon where you live, you’re going to pay a various amount for he or she. If you live in Idaho, for example, you could be on the lower end around 18 to $20,000 a year. But if you remain in New York or California, you could be upwards of 40,000 and even $45,000 a year for the very same placement. Know that he or she serves a details function. They’re not going to be strong at producing reports for you or operating analytics or accounting procedures. Their work is to get data right into the system. As well as if you’re a brand-new entrepreneur, likely, you’ve been doing this yourself. It’s wise to unload a few of the heavy grunt work of accounting, which will enable you to start assessing the records. An accountant is a great hire for any person prepared to broaden their service, however not prepared to invest in the high top tier accounting professionals right now.

The following level up men is the accounting professional. Now, a lot of people think bookkeepers and also accounting professionals coincide. They’re not. It’s very, extremely various. You’re mosting likely to pay a higher quantity for someone that’s an accounting professional. Your bookkeeper has actually been putting information into the system all month long. Your accounting professional commonly is aiding to supervise that process. After that, at the end of the month, your accountant will do several of the even more heavy lifting jobs which require integrating your trial balance and also making month-end journal entrances. They will certainly also do a few of the accrual job that’s going to require to happen in your financials.

In some cases, an accounting professional will certainly aid develop economic statements. They go to that month’s end position. For an accountant, depending again on where you live, you can anticipate to pay anywhere from possibly $30k up to $60k/year.

The following level up is the controller. The controller loads the process of looking after the whole audit system. They reach orchestrate what’s happening as well as when. They make sure the data is getting involved in the system on schedule, and that the month and basic passions are happening on schedule. The controller is in charge of the end product that’s appearing of the accounting system. That is the balance sheet, the earnings statement, and the capital statement. Those kinds of documents hinge on the shoulders of your controller. This is an extra expensive placement to fill up, and also it ought to be. He or she needs to have a great deal of experience, ought to at the very least a bachelor’s level in accounting, if not entering into their master’s level. I would anticipate to pay anywhere from $45k to $85k/year for he or she.

Now we’re mosting likely to discuss 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. This person’s expensive. You intend to beware when you hire a CFO because not all CFOs are produced equal. Whatever as much as this factor has been task-related, focusing on just journal access and debiting and crediting. When you enter a CFO role, this needs tactical thinking. Not all accounting professionals have that ability. If they’re unable to see the big picture and also create strategies that are company development associated, they aren’t received the job. They must translate the job 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 require to hit with the correct amount of money behind each goal. For a CFO, you can expect to pay anywhere from $75k to $250k/year. That is normally what I have actually seen nationwide for somebody of this quality.

Last but not least is the Certified Public Accountant. The Certified Public Accountant stands for “state-licensed accountant.” If you’ve started your business, you recognize that you require a tax guy, right? That’s the Certified Public Accountant. His job is to do two things. One is to prepare your tax approach. That is to take whatever you’re doing throughout the year and also prepare it so that you are not spending more than you require to on tax obligations. That’s the primary objective. However, a Certified Public Accountant usually fills up the function of an auditor where they come in as an independent party. They see to it that your books are exact and clean as well as reflective of what’s happening in the real life. In regards to price, you’re mosting likely to invest anywhere between $125 a hr to upwards of $450 an hour for a qualified CPA.

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(844) 382-8160