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Accounting for the Cannabis Industry with Naomi Granger
Manage episode 430632977 series 3588454
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Naomi Granger, founder of the National Association of Cannabis Accounting and Tax Professionals, discusses her background and the complexities of accounting in the cannabis industry.
She emphasizes the need for specialized knowledge due to the industry's unique legal status and constantly changing regulations. Naomi's organization provides training and support to accountants in this field, helping them navigate state-specific rules and federal tax code 280E, which prevents cannabis businesses from deducting typical business expenses.
She also highlights the industry's underserved market, urging more accountants to get involved despite the challenges. Naomi notes the importance of compliance to protect CPA licenses and advises contacting state boards for guidance. She concludes by inviting interested accountants to join her organization for resources and community support.
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