THCPA LLC

Thinking accountants are just for tax season? That's like calling a farmer just a planter. Cannabis CEOs, let's get real: your business is blazing trails (pun intended) in a tough market. Every day, you're balancing razor-thin margins, complex regulations, and relentless competition. The goal isn’t just to survive—it's to thrive. And that’s where year-round accounting comes in. Having a CPA on your team all year is your ticket to strategic financial planning, navigating those murky waters of compliance, and maximizing profitability. Here’s the deal: taxes are just the tip of the iceberg!!!! The real work is in structuring your finances to: -Optimize cash flow. -Use IRC 471-11 to your advantage. -Stay two steps ahead of audits. -Improve decision-making with clear, up-to-date data. Trust me, you don't want to be that business scrambling to organize a year’s worth of financial chaos in March. Year-round accounting means less stress, fewer surprises, and more of what you’re in this game for—profit. Think of your accountant as your CFO without the full-time price tag. We don’t just count your money; we help you keep more of it. Running a cannabis business isn’t for the faint-hearted. Partnering with an accountant all year? That’s for those ready to own their space in the industry. ???? Schedule a call to see how WE can help YOU save money and PROTECT you! https://lnkd.in/gNGSH545 #CannabisAccounting #YearRoundCPA #ProfitOverSurvival"

The Top 5 Things Cannabis Businesses Get Wrong (and How We Can Help!) Hey cannabis entrepreneurs! ?? Think you've got it all figured out? Think again! Here are the top 5 things cannabis businesses often get wrong – and how our CPA firm can save the day! ?? 1. IMPROPER BOOKKEEPING: Most bookkeepers, accountants, and advisors are not educated on the complexities of the cannabis industry! ?? It's crucial because accurate records prevent costly errors and make tax time a breeze. We’ll tidy up your financial records faster than you can say ‘balance sheet’ 2. MISUNDERSTANDING SECTION 280E: Tax codes make everyone’s head spin! ?? Navigating Section 280E correctly can save you from overpaying on taxes. We’ll navigate the maze of Section 280E and help you maximize deductions legally 3. CASH CHAOS: Losing sleep over cash issues? ?? Managing cash flow in a mostly cash-only business is essential to ensure you can cover expenses and invest in growth opportunities. Let’s streamline your cash flow, so you can focus on growth instead of gaps. 4. COMPLIANCE CATASTROPHES : Local, state, federal regulations – oh my! ?? Staying compliant avoids hefty fines and potential business shutdowns. Our compliance expertise will keep you on the straight and narrow, avoiding those nasty fines. 5. CFO CONFUSION: Don’t have a clue what a CFO does? ?? Having strategic financial guidance is key to long-term success. We offer top-notch CFO services to steer your financial ship in the right direction. Let’s turn those wrongs into rights! Reach out to us today and let’s get your cannabis business booming!

We had an AMAZING time at the Ohio Cannabis Health & Business Summit with our first booth! We met amazing people this weekend and hope to further our connections! If you are still wondering what we do please message or head to our website to schedule a call so we can learn more about each other’s business!!! Thank you to Lenny Berry for creating a great event!

?? Stop by the THCPA Booth ?? Heads up, cannabis entrepreneurs! We’ve got something cool going on at Ohio Cannabis Health & Business Summit —swing by the THCPA booth to enter our **RAFFLE** and win one of these epic prizes: ?? An autographed pic of **Cheech Marin** ?? An autographed pic of **Tommy Chong** ?? Or even an autographed pic of **Jim Belushi** Yes, you read that right! These legends need no introduction, and now their signatures can be hanging on YOUR office wall! ???? How do you enter? Easy. Stop by the THCPA booth, say hello, and sign up. That's it. Oh, and while you’re there, let’s chat about how we can help you with your accounting needs. Whether it's 280E nightmares or making sure you’re staying profitable—we got you. See you at the booth! Don’t miss out! ?? Lenny Berry The Cannabist Company Lighthouse Sciences CannDelta Inc. - Regulatory and Scientific Consulting Firm Wana Brands Cannatrol FarmaceuticalRX

Why Compliance is Such a Big Deal in the Cannabis Industry (and Why You Should Care) Let’s talk compliance! I know—it’s not the most exciting topic, but for cannabis businesses, it’s a game-changer. Compliance is making sure your cannabis business follows all the laws and regulations to stay legal and avoid trouble - everything from how you grow and sell your products, to how you handle your finances and taxes. Here’s why compliance is such a big deal and why everyone’s always talking about it: 1??Avoiding IRS Audits: The IRS loves to keep an eye on cannabis businesses. Staying compliant means fewer red flags and a lower chance of getting hit with an audit. It also means you are ready if they do come knocking! 2??Staying Legal: In this industry, the rules are constantly changing, and staying on top of compliance means you’re not breaking any laws—whether it’s state, local, or federal. Keep your business running smoothly and avoid those nasty fines or, worse, getting shut down. 3??Protecting Your Business: Compliance isn’t just about avoiding trouble; it’s about safeguarding your investment. Following the rules helps protect your business from legal issues that could cost you big time. 4?? Peace of Mind: Knowing you’re in the clear with compliance means you can focus on what really matters—growing your business. Sleep easy at night knowing the compliance monsters are at bay. 5?? Ease of Selling Your Business: Thinking about an exit strategy? Being fully compliant makes your business way more attractive to potential buyers. It’s easier to sell when you can show that everything’s legit and above board. 6?? Building Trust: Customers, partners, and investors are more likely to trust a business that takes compliance seriously. It’s a sign that you’re professional and here for the long haul. So, yeah, compliance is a big deal—and for good reason. Need help staying on top of it? That’s where we come in. Let’s keep your business thriving and compliant, together! ????

We had a wonderful time at Keefy Cannafest in Peoria IL! Got to meet with some awesome companies like Enliven Edibles DOGWALKERS PRE-ROLLS Terrabis Betty's Eddies Galaxy Labs Wyld aerīz Great to see the industry come together!!! Can’t wait until next year!

You're Not Here for the Accounting. Call Us! Let’s be real, you didn’t get into the cannabis industry because you love accounting (if you did, welcome to the team!). You’re here because you’re passionate about your business, your products, and your customers. But, taxes? Payroll? GAAP accounting? Yeah… probably not your jam.That’s where we come in. At THCPA, we handle all that boring, stressful, keeps-you-up-at-night stuff. From bookkeeping and payroll to making sure you're 100% compliant with State, local, and federal tax requirements, we’ve got your back. GAAP accounting? Done. Payroll? Handled. No more juggling numbers or stressing about tax deadlines. We package all of this into one easy, low monthly price, so you can focus on growing your business while we take care of the rest. Let’s take the "ugh" out of accounting. Get a hold of us today, and let’s get you back to what you actually enjoy!

How To Keep Your Dispensary Profitable In Today’s Market Let’s be real, running a cannabis dispensary right now feels like trying to break a pi?ata, but instead of candy, you get high taxes, insane product costs, and competition popping up like weeds. So, how do you not just survive but actually thrive? We got you. Step 1??: 280E—Your Worst Frenemy You already know about Section 280E. It’s the IRS’s way of saying, "You’re making money, but you can’t deduct jack." It’s a relic from the ‘80s that blocks cannabis businesses from writing off most business expenses because, technically, weed’s still federally illegal. Yay, right? But don’t sweat it too hard. You can still legally reduce your tax bill by focusing on cost of goods sold (COGS). Enter IRC 471, your secret weapon. By following these inventory rules, some of those operating expenses can sneak into your COGS. We’re talking about indirect costs like rent for your dispensary space used to hold inventory, payroll for people involved in getting that product ready, and even some security expenses. This can also apply to state taxes depending on your location, and this is where your tax bill can be reduced substantially! Step 2??: Know Your Margins Cannabis products aren’t cheap, and with high competition, every cent counts. To win, you’ve got to know exactly what you’re making on each gram, edible, and pre-roll. Don’t just guess—nail down your profit margins by tracking every cost like it’s your best bud. And if something’s not pulling its weight? Either mark it up or show it the door. Step 3??: Outsmart the Competition Sure, everyone’s selling flower, but how do you stand out? Lean into your brand and offer more than just product—build an experience. People will pay more for a vibe than just a quick in-and-out purchase. Got a knowledgeable budtender team, top-notch customer service, or a rewards program? Flex that. Differentiation is how you rise above the crowd, and it helps justify keeping prices strong despite high product costs. Step 4??: Keep Cash Flow Lit Nothing sinks a dispensary faster than bad cash flow. With payment processing still a pain thanks to federal laws, managing cash is key. Stay on top of your inflows and outflows, and plan for those tax hits so you’re not scrambling when it’s time to pay the piper. Pro tip: Set aside a portion of revenue for taxes as you go, not just at the end of the quarter. Step 5??: Work with a Cannabis Accountant Who Knows Their Weed The rules are always changing, and you don’t want to be caught in a tax audit without backup. That’s where a specialized cannabis accountant (like yours truly) comes in. We help you squeeze every legal benefit from the system, navigate 280E, and make sure your books are as solid as your product lineup. The dispensary business isn’t easy, but with some smart moves and the right advice, you can turn a healthy profit and stay competitive. Let’s get those margins up and keep you rolling strong!

Got the opportunity to see the legends Rod Stewart and Billy Joel in Cleveland this past weekend! Excited to be near the Rock and Roll Hall of Fame and looking forward to the Ohio Cannabis Health & Business Summit networking event! Tickets available now. Who else is attending? #OCHBS