Cannabis business owners have mountains of paperwork to tunnel through and massive hurdles to leap over when operating their organizations. There’s no reason why tax season and managing your business’ finances should be as stressful as running the 100-meter dash. Breathe a sigh of relief and let MI Tax CPA’s highly qualified cannabis accountants take it from here.
MI Tax CPA in Michigan offers convenient online tax services coupled with knowledgeable and experienced CPAs. Our CPAs specialize in cannabis accounting and frequently navigate the ins and outs of this ever-evolving marketplace. If you need assistance with reports such as the Annual Financial Statement (AFS), the financial experts at MI Tax CPA are ready to detangle the process.
We make cannabis filing easily understandable and quickly resolved. Contact us today at (248) 600-5506 for your free consultation.
The Annual Financial Statement
Cannabis business owners in Michigan are required to abide by the Medical Marijuana Facilities Licensing Act (MMFLA), which dictates the licensing, regulating, and tracking of medical marijuana. Failure to follow the guidelines of the MMFLA has negative consequences, including business shutdown and further legal action.
One such mandatory stipulation of the MMFLA is Section 701, which requires marijuana licensees to submit annual reports of all financial statements of their operations to the Marijuana Regulatory Agency (MRA). Said statements are known in the aggregate as the Annual Financial Statement (AFS). This report can only be compiled by an in-state Michigan-certified public accountant – CPA.
In light of this necessary procedure, it is paramount for your business’ interests that you choose a CPA who is well-versed in cannabis bookkeeping and cannabis regulations. MI Tax CPA is here to assist you with any tax and accounting needs. We proudly provide expert CPAs and quality services for our Michigan community.
Marijuana Licensee Responsibilities
When compiling financial statements for your CPA to review, it is important to disclose whether you have multiple businesses with common ownership. Each business entity is required to have its own Annual Financial Statement. For example, every one of these licenses needs a separate AFS:
- Provision Centers (Retail)
- Processors
- Growers (cultivation)
- Secure Transporters
- Safety Compliance Facilities
As the licensee, it is your responsibility to promptly submit your AFS and the adult-use Annual Financial Statement Contact Authorization form to the MRA. A missed deadline leads to possible disciplinary action from the MRA Enforcement Division. MI Tax CPA recommends contacting us as soon as you receive your six-month notice email from the government alerting you of your upcoming AFS requirement.
MI Tax CPA will complete your AFS accurately and on time.
Contact Us for a Free Consultation Today
MI Tax CPA’s credible financial experts are prepared to help you traverse the cannabis business requirements and punctually submit your Annual Financial Statement. If you have any questions about cannabis business taxes and accounting, our CPAs will gladly go through your concerns step by step. Please call (248) 600-5506 today for your free consultation.
Enjoy a healthy financial future with MI Tax CPA.