Cannabis Business Accountants in Texas

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.

• 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.

Accounting Differences Among Cannabis, CBD, and Hemp Businesses

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.