Accounting For The Cannabis Industry: What You Should Know

Accounting For The Cannabis Industry: What You Should Know

Keys Audits Cannabis companies are experiencing audits regularly, and non-compliant businesses face years of litigation, significant legal fees, and back taxes. In more extreme cases, significant penalties have been handed out for lack of accuracy, such as in the Alterman-Gibson court case, with a $78,000 accuracy penalty, and the Northern California Small Business Assistants case,…

Accounting for PPP Loans: What you Should Know

Accounting for PPP Loans: What you Should Know

Keys Accounting and Reporting Considerations Currently, there is no specific guidance in the U.S. GAAP that addresses the accounting by an entity that obtains a forgivable loan from a government entity. However, due to overwhelming demand for some form of guidance for accounting for PPP loans, the American Institute of Certified Public Accountants, in consultation…