We Make The Complex More Complicated

noseinthebook – Best Practices Framework using our proprietary “Nose In the Book” techniques to improve accounting and tax reporting for the cannabis industry. The training will focus on lessons that learned from the Tax Court Decisions in Alterman.

Press Release (ePRNews.com) - Oakland. CA - Aug 14, 2018 - noseinthebook – Best Practices Framework using our proprietary “Nose In the Book” techniques to improve accounting and tax reporting for the cannabis industry. The training will focus on lessons that learned from the Tax Court Decisions in Alterman and Gibson TC Memo 2018-83, and Neil Feinberg et ux., et al. v. Commissioner, (2017 Memo 2017-211).

 

Watch for some exciting developments from aBIZinaBOX including

“Our Nose in the Book” Best Practices in Cannabis Business Accounting Webinar Series

The rollout of our Accounting Best Practices microsite at noseinthebook.accountants

Best Practices Webinar Topics

A concise definition of IRC Sec. 280E and its statutory construction

CCM 20150411

Best Practices for Tax Accounting including

Cloud Software Selection, distinctions for Dispensary, Distribution, Cultivation, and Extraction

Creation and maintenance of Books of Account

Creation of inventory records, selection of cost flow assumptions and calculation and support of Cost of Goods Sold [“COGS”]

Internal Controls over cash and maintaining bank accounts

Documentation of business expenses, and IRC Information Reporting – 1099’s

Highlights of information records for Excise, Sales and Gross Receipts taxes – the detail here is easily a distinct program

Design, maintenance, and retention of records – IRS, FTB, CDTFA and Regulatory Compliance Requirements

An interface between accounting function and tax return preparation, tax return work papers and support

Review, quality control and documentation of process improvement – IRC Sec. 6694(b)(2) and “a pattern of negligence”

The background articles are must be reading to fully understand the context see Cannabis CPA Becomes Cannibal, Lesson From The Tax Court: Into The Weeds on COGS, Alterman TC Memo 2018-83 Alternative View, Missing Opportunity IRC Sec. 280Eand our IRC Sec. 280E Repository.

 

“The Nose In The Book” – is the framework we developed to serve and a platform that overarches and provides a bridge between accounting, operations, tax and regulatory compliance. The Nose in the Book evolved from our Close But No Cigar program.

Source : https://abizinaboxcannabis.com/industry-best-practices/
CATEGORIES : Accounting
DISCLAIMER : If you have any concerns regarding this press release, please contact the Author / Media Contact / Business of this press release. ePRNews is not resposible for the accuracy of the news posted and do not endorse, support any product/services/business mentioned and hereby disclaims any content contained in this press release.

You may also like this  

Login

Or using ePRNews Account

Don't have an account ? Sign Up

Register New Account

Or form here

Already have an account ? Login

Reset Password

Already have an account ? Login