HIGH LIFE ACCOUNTING - POWERED BY S E FLEMING CPA
IRS Compliance
Compliance is the key to success in the cannabis industry, but unfortunately, many CPA firms have neither the staffing, nor the bandwidth, to take on the tremendous amount of learning required to help cannabis businesses stay compliant. High Life Accounting, powered by S E Fleming CPA was an early adopter of what is now the official AICPA cannabis education program for public accountants, making us one of the oldest firms in country with the specific knowledge required in this industry.
Cannabis Tax Services
As a cannabis entrepreneur, preparing your own taxes is a time consuming process that is risky and can lead to excessive tax liability. We work with individuals and cannabis businesses nationwide to legally reduce your liability.
Personal Tax Services
For high-income individuals, or those who are self-employed, mitigating your personal tax liability is important to preserving hard-earned wealth. Let the expert team help ensure that you have the necessary paperwork and file the right forms.
Business Tax Preparation
Our team prepares taxes for any sized cannabis business. Coupled with our individualized tax preparation service, we ensure that the necessary forms are filled and filed, including sales and excise taxes, payroll taxes, and more.
Cannabis CFO Services
High Life Accounting's CFO Services are the right solution for growing businesses that need professional financial advice but cannot afford a full-time Chief Financial Officer. These services are also a good fit for businesses that need to fill a current CFO role, but do not need someone onsite daily. Once a CFO is assigned to your organization, they will take the lead and work with you to help guide your business. In addition to the assigned CFO, you will have a dedicated team, so you’re not dependent upon a single person. Our CFO Services provides business owners professional strategic support at an affordable monthly flat fee.
Our CFO Services include:
- Short and long-term financial forecasting
- Development of key performance indicators and performance management
- Business advisor to management/CEO
- Strategic business planning guidance
- Managing banking and financing relationships
- Income tax strategy consulting
Cannabis Tax Planning
Make no mistake - tax planning for cannabis businesses is hard! Cannabis companies have to navigate a tax code in which federal law defines their product as illegal. As a result, the number of tax returns that are audited in the controlled substances space is significantly higher than most industries. Taking into account the very high tax burden for the cannabis industry, tax planning can (and should) impact all aspects of your business operations. Below are just a few of the ways High Life Accounting helps with strategic income tax planning:
- Comprehensive 280E analysis
- Routine physical inventory counts
- Minimize year-end inventory to match demand
- Document employee activities in job descriptions
- Review your books and prior year tax returns
- Review entity selection and assets in the entity
- File IRS Form 8300 when required
- Sinking fund for quarterly tax payments
- Accurate records and proper documentation
- Prepare required Forms 1099 by deadlines
- Review your strategic floor plan
Discover the difference of working with a cannabis-specific CPA who understands your business!
Cannabis Bookkeeping
With our bookkeeping and financial management plan, you can relax with:
- A Dedicated Finance Manager to Your Account
- 280E Compliance Accounting
- Identifying & Maximizing 471 Cannabis Tax Code
- Metrc Management
- Transactional Categorization of all Credits & Debits
- Monthly Reconciliation of All Bank Accounts
- Monthly Reconciliation of All Credit Cards
- Monthly Financial Reports (P&L, Balance Sheet, Accounts Payable, Accounts Receivable, Ad Hoc)