CPA Firms – Virtual versus Reality

Press Release (ePRNews.com) - Oakland, CA - Jun 08, 2018 - CPA Firms – Virtual versus Reality – the advent of the internet has given rise to cloud based accounting software, virtual bookkeepers, virtual controllers, virtual CFO’s. It would seem that anyone can be anywhere that they want to be, in the cloud.

Well…not so fast. The accounting profession, whether we are speaking about State Accountancy Acts, the IRS and Circular 230, or AIPCA Professional Standards have rules that govern what CPA’s can and can’t do….

Some people might ask why did you go through all that time and effort putting this together. The answer is very simple, we are who we say we are and do what we say we do. At the present time, our cannabis practice is limited to California and just beginning to venture in to Oregon. We believe that the cannabis industry is complex enough that one state – California has just about as much complexity as we can manage.

Perhaps we aren’t as bright as some people, but we have our doubt about firms that say they serve the cannabis industry in states where they don’t have licenses or physical presence. There clearly are exceptions for services like tax compliance and bookkeeping. The reality that we have learned is that the licensing, regulatory compliance, zoning, and cultivation, excise and sales taxes are complex enough that the first two services are NOT sufficient.