Cannabis Business Accountants in Texas
- Texas Cannabis
- Cannabis Business Accountants in Texas
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Key Points:
- Cannabis Accountant: Specializes in the financial and tax challenges unique to the cannabis industry.
- Tax: Texas’s standard sales tax rate is up to 8.25%, but no specific sales tax is applied to medical cannabis under the Compassionate Use Program’s restrictions.
- Services Provided by Cannabis CPAs: Bookkeeping, IRS representation, tax and regulatory compliance.
Cannabis CPA
A Certified Public Accountant who focuses on the unique tax and financial challenges in the cannabis industry. They stay informed on the frequently changing regulations and laws impacting cannabis-related businesses.
| CPAs and accounting firms that offer accounting services to Cannabis businesses in TX |
|---|
| 420 CPA |
| Dark Horse Cannabis CPA |
| Dope CFO |
| Marcum LLP |
| Puff Puff Accounting |
| The Bonadio Group |
| The Canna CPAs |
- Are you a Texas-licensed CPA offering services to cannabis-related businesses? Request to be listed .
Regular Vs. Cannabis Tax
Texas imposes a state sales tax of 6.25% on most goods and services, with local jurisdictions able to add up to 2%, making the maximum combined rate 8.25%. Currently, there is no distinct sales tax on medical cannabis in Texas, given the restrictive nature of the Compassionate Use Program.
Not Sure Where to Start?
Schedule a Consultation with a Cannabis CPAAccounting Differences Among Cannabis, CBD, and Hemp Businesses
| Aspect | Cannabis | CBD | Hemp |
|---|---|---|---|
| Tax Code | Restricted by 280E (limited deductions) | No 280E restriction, normal deductions allowed | Full tax deductions, agricultural credits |
| Inventory Valuation | COGS-focused due to 280E | Standard inventory valuation | Agricultural cost accounting |
| Compliance | Strict reporting, cash-heavy | Labeling and product compliance | Agricultural compliance, crop reporting |
Services Offered by Cannabis CPAs
- Accounting & Bookkeeping: They handle financial record-keeping, aligning with industry regulations and simplifying reporting.
- IRS Representation: Cannabis CPAs can represent businesses in IRS audits or inquiries, offering protection and compliance support.
- Cannabis Tax Compliance & Planning: They ensure compliance with cannabis-specific tax laws.
- Cannabis Regulatory Compliance: Cannabis CPAs help businesses navigate complex state and local cannabis regulations, maintaining legal compliance.
Why a Cannabis CPA is Important
Cannabis businesses face unique tax limits under Section 280E, restricting deductions for Schedule I or II substances. A Cannabis CPA ensures compliance, helps avoid legal issues, reduces liabilities, and supports sustainable growth.