“The Nose In The Book” – is the framework we developed to serve and a platform that overarches and provides a bridge between accounting, operations, tax and regulatory compliance. The Nose in the Book evolved from our Close But No Cigar program.
The Practice Framework
The development, documentation, and review of best practices are a critical component of the foundation for a successful commercial cannabis business. The framework has components and consequences in everything we do, the discussion is in sufficient detail for you to be able to understand it. We discuss elements as they exist in our firm because that is what we know. A successful framework is tailored to the needs and requirements of a practice, not the other way around
We have learned the harsh lesson that taxpayers will continue to lose in proceedings in the Tax Court unless they have prepared and maintained complete and accurate financial records. The creation and maintenance of complete and accurate financial records for a cannabis dispensary require the guidance of qualified professionals as well as adherence to the recordkeeping guidance they provide.
Diligence is required of a cannabis industry business in vetting professionals [e.g. attorneys, certified public accountants] as well as in securing appropriate advice relating to compliance, security, and inventory control. The selection of an advisor lacking in competence will exacerbate the problems for a cannabis business.