They write in their press release…
Strongly Positioned to Provide Business Advisory Services to Rapidly Growing Industry
With the signing of recent legislation, including the U.S. 2018 Farm Bill and the 2018 Canadian Cannabis Act, EisnerAmper anticipates the rapid expansion of the hemp and cannabis industry at the federal, state and international levels.
To meet this burgeoning demand, EisnerAmper has expanded its accounting, tax and advisory services to new and established hemp and cannabis companies, both domestic and international. The practice serves the entire range of companies in the industry from startup to exit. In addition, we provide proactive insight to help entities prepare for and adapt to regulatory changes and offer compliance services designed to meet annual governmental reporting requirements.
EisnerAmper experts are thoroughly knowledgeable on key issues, including IRC 280E and recent Tax Court cases, as well as FinCen guidelines.
“This is the fastest growing and most quickly evolving industry I’ve seen in my 35 years in business advisory services,” said Rick Frimmer, CPA and J.D., EisnerAmper Managing Director and Cannabis and Hemp Practice Leader. “What sets us apart is our practical experience having performed many engagements in this one-of-a-kind sector on behalf of both public and private companies. We know the landscape. We know the participants. And our lengthy track record of accounting proficiency and a client-centric approach is widely known.”
Here are a number of articles the firm has recently published on the subject of cannabis
EisnerAmper anticipates the rapid expansion of the hemp and cannabis industry at the federal, state and international levels.
EisnerAmper’s Trends Watch is a weekly entry to our Alternative Investments Intelligence blog, featuring the views of executives from alternative investment firms. This week, Elana talks with Jon Trauben, Partner, Altitude Investment Management.
The U.S. Tax Court published its opinion, Patients Mutual Assistance Collective Corporation d.b.a. Harborside Health Center v. Commissioner, 151 T.C. No. 11, which may prove to serve as the prevailing guidance for cannabis businesses.
It is possible that the pass-thru taxpayer of a cannabis business should be eligible for the §199A deduction (assuming all other statutory criteria is met). However, the IRS and the Tax Court have been very strict in their interpretation of §280E.
The Marijuana Revenue and Regulation Act was introduced in the United States Senate. It is one part of a three-part initiative to push Federal cannabis legalization, and integration of the industry in the US.
EisnerAmper’s Rising Stars recently held a panel discussion on “The State of the Cannabis Industry,” moderated by EisnerAmper. The panelists kicked off the session by discussing the current state of cannabis at the local, national, and global level.