Gumma Acho CPA

05/02/2024

Important Update for the Cannabis Industry!

Exciting news for the cannabis community! The DEA's recent reclassification of ma*****na signals a significant shift in regulatory policy, with far-reaching implications. This development not only shapes the industry's future but also has substantial tax implications for businesses.

Explore the details in the article below:
https://www.cbsnews.com/news/ma*****na-reclassified-drug-enforcement-administration-shift/

At Gumma Acho CPA, we recognize the critical importance of staying ahead of regulatory changes and understanding their tax implications. If you're in the cannabis sector and seeking guidance on managing tax obligations amidst evolving regulations, our team is here to support you.

Let's navigate these changes together and ensure your business thrives in this dynamic landscape.

🌱💼

The proposal would recognize the medical uses of cannabis​ and acknowledge it has less potential for abuse than some other drugs.

01/10/2023

Attention all business owners and self-employed individuals!

The 4th qtr. 2022 quarterly estimated tax payment is due January 17th! Keep your finances in order and stay compliant by making sure your payments are made on time. Act now to avoid a penalty.

Gumma Acho CPA is here to help you navigate the tax laws and ensure you are meeting all tax obligations. Don't hesitate to reach out to us if you have any questions or need assistance.

The fastest and easiest way to make an estimated tax payment is to do so electronically using IRS Direct Pay. Taxpayers can schedule a payment in advance of the January deadline.

https://www.irs.gov/payments/direct-pay

Send a message to learn more

01/06/2023

As we approach the 2022 tax season, it's important to start preparing now to ensure a smooth and stress-free process. If you're a business owner, now is the time to gather all of your financial documents and make sure you have everything in order.

If you're an individual taxpayer, make sure to keep track of any changes to your personal or financial situation, such as a change in employment, a new home purchase, or the birth of a child. These changes can all have an impact on your tax return and it's important to be aware of them.

If you're feeling overwhelmed by the tax process, our team of certified public accountants is here to help. We can guide you through the process and make sure you get the most out of your tax return. Contact Gumma Acho CPA today to schedule a FREE consultation and let us take the stress out of tax season.

P: 248-729-7171
E: [email protected]
E: [email protected]

12/27/2022

Attention Michigan Cannabis Industry!

The CRA has begun issuing Annual Financial Statement (AFS) notices for the upcoming year. Gumma Acho CPA is here to help you navigate the AFS process and ensure that your business stays compliant with all regulatory requirements!

As experts in the cannabis industry, we are well-versed in the unique financial reporting needs of businesses in this field. We can assist with everything from gathering and organizing financial information, to completing and submitting your AFS report.

Do not let the AFS process stress you out. Let the experts manage the details while you focus on running your business. Contact us today to learn more about our AFS services and how we can help!

12/26/2022

Are you a business owner looking to take advantage of the employee retention credit? Look no further! Gumma Acho CPA firm specializes in helping clients navigate the complex world of tax credits and incentives.

As a small business, you may be eligible for the Employee Retention Credit (ERTC), a credit designed to reward businesses who keep their employees on payroll during the COVID-19 pandemic. This credit is available for eligible employers who have experienced a significant decline in gross receipts or who have had to full or partial hardship to operations due to COVID-19 related restrictions.

Our team of experienced CPAs can help you determine if your business is eligible for the employee retention credit and guide you through the process of claiming it. We'll work with you to gather the necessary documentation and ensure that your business receives the maximum benefit possible.

Don't miss out on this valuable credit – contact us today to learn more about how we can help your business take advantage of the employee retention credit.

p: 248-729-7171
e: [email protected]

05/05/2022

Gumma CPA & Advisory is a fully integrated CPA firm located in Troy, MI. We offer accounting, tax, consulting, audit, and advisory services to clients throughout the Metro-Detroit area. Our goal is to help our clients achieve their financial goals through their understanding of complex accounting and tax issues, maximizing cash flow and minimizing their tax liabilities.

JOB DESCRIPTION:

We are looking for an experienced Senior accountant to oversee general accounting operations by controlling and verifying our financial transactions. Senior accountant responsibilities include reconciling account balances and bank statements, maintaining general ledger and preparing month-end close procedures. A successful Senior accountant combines excellent analytical skills with a thorough knowledge of accounting principles to analyze financial reports and forecasts. The ideal candidate has experience collaborating and/or managing a team of accountants and junior accountants. Senior accountant duties include ensuring accuracy and effectiveness in all of our accounting tasks.

RESPONSIBILITIES:

- Verify, allocate, post and reconcile accounts payable and receivable
- Produce error-free accounting reports and present their results
- Analyze financial information and summarize financial status
- Spot errors and suggest ways to improve efficiency and spending
- Review/recommend modifications to systems and procedures
- Manage accounting assistants and bookkeepers
- Participate in financial standards setting and in forecast process
- Provide input into department’s goal setting process
- Prepare & analyze financial statements
- Assist with individual and corporate tax returns
- Plan, assign and review staff’s work
- Support month-end and year-end close process
- Ensure compliance with GAAP principles
- Communicate effectively with clients and team-members

EDUCATION REQUIREMENT(S):

- Bachelor of Business Administration (BA) in Accounting
- Master’s degree in accounting, preferred
- CPA Candidate or CPA License, preferred

EXPERIENCE REQUIREMENT(S):

- 3-5 years of recent experience as a financial controller, accounting supervisor, chief or senior accountant
- Thorough knowledge of basic accounting procedures
- In-depth understanding of Generally Accepted Accounting Principles
- Awareness of business trends
- Familiarity with financial accounting statements
- Experience with GL functions and periodic close process
- Accounting CS, QuickBooks, and UltraTax experience
- Advanced MS Excel skills including Vlookups and pivot tables
- Accuracy and attention to detail

ADDITIONAL INFORMATION:

- Health & Dental Insurance Benefits available
- Paid Time Off (PTO)
- Competitive Compensation Package

05/04/2022

It's not too late to take advantage of the Employee Retention Tax Credit (ERTC)! Was your business or a business you know shut down / had to operate under restrictions during COVID-19? Was there a loss in revenue? If you answered yes to either of those questions, contact Gumma Acho CPA for a consultation. We have helped business owners receive an average of $77,000 in tax credits! Do not miss out on the opportunity to capitalize on one of the most lucrative tax credits we've ever seen!

P: 248-729-7171
E: [email protected]

Contact us now!

https://www.irs.gov/newsroom/covid-19-related-employee-retention-credits-general-information-faqs

Find answers to questions about general information for the COVID-19-related employee retention tax credits.

05/04/2022

Curious to know how much the average cannabis retailer makes in annual revenue?

Headset's VP of Analytics, Liz Connors, analyzed about 1700 stores across the US and Canada and found that there is a wide variance in the average sales revenue of a store. She looked at stores that have been open for 365 days and found that:

- The purple bar graph is the median store sales, and the teal bar graph is stores in the top 10% of sales. Top 5 markets in terms of sales per store are Illinois, Arizona, Massachusetts, California, and Florida.

- In Illinois the median stores have $1 million/month in revenue compared to Oklahoma, where stores have about $60k/month.

- Top performing retailers often see over double the revenue of an average store. For example, stores in the top 10% of earners see over $10 million annually in IL, AZ, MA, and CA.

05/04/2022

Did you know that inventory can account for up to 50% of a Profit & Loss Statement for a dispensary?

One of the largest overlooked opportunities is inventory management. It can have a direct impact on lowering operating costs and increasing profits. Implementing the proper standard operating procedures (SOPs) for purchasing, along with inventory aging reports can double after-tax margins!

When initially creating and reviewing inventory aging reports, we have seen that over a 3-month period, after correcting for negative inventory adjustments, up to 5% of potential revenue is tied up in old inventory. For example, if you average $500,000 in monthly revenue, $25,000 in monthly revenue is sitting on your shelves! That equates to $300,000 in sales each year that you are missing out on! Considering the average margin for after tax revenues is between 5-10% for a dispensary, fixing this problem can double after-tax margins.

After implementing proper SOPs and having analytics in place through Inventory Aging Reports, purchasing procedures can reduce or eliminate aging inventory issues. The purchasing manager must look at analytics and data when making purchasing decisions to identify which brands do and do not sell timely. Over time, a purchasing manager will improve based on historical data and analytics, if used properly.

In serving the cannabis industry, the outsource CFO experts at Gumma Acho CPA encounter issues like this all the time. The benefits to our deep experience in the cannabis industry is we can customize and implement existing SOPs and analytics for our clients. Every market and situation are unique, but if you are not seeing the profits you know your dispensary is capable of then reach out to us for a consultation!

Phone: 248-729-7171
Email: [email protected] or [email protected]

05/04/2022

Announcement!

Gumma CPA & Advisory is pleased to welcome a new partner, Scott Acho, CPA. Scott has been a CPA for over 10 years, working in public accounting and the corporate sector throughout metro Detroit. Scott has an extensive background in domestic and international tax, treasury, accounting, and consulting.

Gumma Acho CPA will continue to offer top-end tax, accounting and, consulting services throughout the United States. We are excited to grow our firm, and Scott will play an integral role moving forward.

Please join us in welcoming him!