Cannabis is your passion. Accounting is our specialty. Whether it is bookkeeping, tax preparation, or audits - we are here to help.Get Started
Income Tax preparation
CANNABIS, HEMP, AND INDIVIDUALS
We provide tax preparation services for Cannabis start ups and their owners. We focus on Section 280 E mitigation and make sure that no possible deduction is missed. We also provide tax planning and instruct on forms that typically do not need our assistance, such as form 8300.
Local Tax Compliance
EXCISE, CULTIVATION, SUT AND CANNABIS CITY TAX RETURNS
With us, you will not worry about missing a deadline for Excise or City tax. We research local guidance, prepare your tax return, and make sure you pay it on time. If needed, we will contact local authorities to sort out a notice in the mail or previous delinquency. We also take care of yearly business personal property and environmental fee returns.
CANNABIS AND HEMP
Cannabis bookkeeping can get quite complicated. If you want those deductions on your tax return, you need to make sure that your accounting is GAAP compliant. Have you heard of such things as the Absorption method, Accrual accounting, and Lower of Cost or Market rule? If not, it's OK because we know what those mean, and we will make sure you are in compliance.
Point of Sale Software
CDTFA wants its share of Excise and SUT tax. If you under collected, the agency will ask you to pay the missing tax out of pocket. If you over-collected, the agency will want this money too! As a dispensary you collect those taxes through your Point of Sale System, and very often, its tax settings are incorrect. We help you set up your POS tax withholdings; this way, you do not pay a dime less or more in tax.
IRS, FTB & CDTFA representation
CANNABIS AND HEMP
No matter how difficult your tax problem is, we have seen it before. Red Eye CPA provides a thorough, expert approach to tax notice services and will alleviate any anxiety that comes in this type of situation. We will correspond on your behalf and work on waiving penalties, interest, and negotiation of installment plans.