Accounting & Tax Services

With our firm, you can assure that your individual needs will be met, and you will always be treated like our sole client. We are big enough to offer a full range of professional services and small enough to give you the attention you deserve.

The advice we provide is tailored to the specific needs of each individual, based on a thorough analysis of their situation.

  • Audit preparation and guidance
  • Accountancy/Writing-Up
  • Consulting services for business
  • Business entity selection
  • Estate & Trust Tax Preparation
  • 280E Cannabis Tax Accounting and
  • Bookkeeping
  • Evaluation of financial information
  • Financial Statements
  • Advisory services for management
  • Sales Tax Services
  • Tax Preparation & Planning

Audits Preparation and Guidance

Audit preparation and guidance involves creating and analyzing financial statements and reports to ensure the information & accuracy and that it complies with applicable laws and regulations. It also ensures that the financial reporting systems are appropriately designed and maintained. We can provide guidance and advice on preparing for an audit, what documents are necessary, and how to respond to any questions that may arise during the audit process. We will work closely with you and your key employees to develop and execute a plan to complete this work by minimizing employee time spent on the process without disrupting operations.

Bookkeeping/Write-Up

We can provide comprehensive bookkeeping and write-up services to ensure the smooth operation of your financial side if you need accounting staff or grow your current bookkeeping system. In order to ensure that your accounting and economic systems meet the needs of your growing and changing business, we can provide input and planning assistance.

Business Consulting

If you need help dealing with any business issues or opportunities, we can assist you with our business consulting services. We are always ready to assist you in making the right decisions for your business & future. If you are considering expanding, selling, or restructuring your business, we’ll help you make the right decision.

Business Entity Selection

Choosing the right business entity for your company, whether it’s an LLP, an LLC, an S-corporation, a partnership, or a corporation, will have enormous financial and tax implications. It would be best if you made the right decision. We can explain each choice and its consequences.
It is possible that the type of business entity you choose will need to change as your business grows and changes.

Estate & Trust Tax Preparation

It is important to consider estate matters for everyone. Taking proactive steps today can ease the way for your heirs during a tough time. With our assistance, your estate and trust can be structured to minimize taxes and ensure a smooth transition for your heirs. We are available to  handle all estate and trust tax-related matters.

Process Structuring for Cannabis Accounting

As well as helping you remain compliant with federal and state cannabis-related regulations, we offer specialized accounting and bookkeeping services to make managing your finances easier. We provide the following cannabis accounting services, among others:

  • Preparation of monthly financial reports
  • Records-keeping and proper allocation practices according to 280E: best practices and requirements
  • Preparation of accounting documentation and customization of internal processes
  • Setting up accounting software, including chart of accounts to properly reflect Cost of Goods Sold (COGS) in accordance with taxing agency requirements.
  • POS and Cannabis Tracking System (CTS) integration with accounting software

Planning and preparing cannabis taxes
With the most current cannabis taxation laws in mind, our cannabis accountants will prepare and plan your business federal, state, and local income tax returns. Our professional tax services include: maximizing deductions for your business and reducing taxes owed. Our expert tax
services include:

  • Selection and setup of best entities according to expert recommendations
  • The best practices for maximizing deductions and lowering taxes for business expenses
  • Layout guidance for reducing tax exposure in facilities

Maintaining accounting and tax records
We believe that fostering a long-standing relationship with our clients is part of the process of partnering with Polston Tax Resolution and Accounting. Because of this, we provide our cannabis clients with continuing accounting and tax programs to make their business successful and to provide you with the peace of mind that you deserve.
We provide the following maintenance services:

  • Evaluation of the integration of accounting software with POS and CTS systems in a consistent manner
  • Allocation and maximization of deductions based on GAAP Cost Accounting
  • Preparation of personal and business income tax returns for cannabis businesses
  • Prepare and process payroll tax returns
  • Preparation of sales and excise taxes
  • Getting your 1099 ready
  • Tax estimations
  • Preparation of franchise tax returns

Financial Analysis

Robust financial analysis can improve management, planning, and decision-making when used in business decision-making. Numbers provide a basis for supporting, rejecting or contemplating a course of action. It provides a new dimension to decision-making by providing the possibility of how situations might change under a variety of scenarios. To ensure your business continues to prosper, we are prepared to provide this type of financial analysis.

Sales Tax Services

Sales tax collection is a top priority for state and local tax authorities. As a sales tax management and return preparation company, we can assist you with understanding and managing your sales tax obligations.

Management Advisory Services

We offer Management Advisory Services that improve your business and operations, efficiency and effectiveness. The services we offer include business planning, mergers, acquisitions, and other advisory services. Please reach out to our office to learn about our full range of services.

Financial Statements

In order for management to make informed decisions, financial statements are essential. You can also use financial statements to represent your company to lenders, potential partners, buyers, and other parties that may be interested in your business. Developing and finalizing accurate and timely financial statements will be collaborative with your key personnel.

Preparation & Planning
(Business and Personal)

In order to minimize your future tax liability, it is vital to prepare and plan your taxes correctly. By understanding how business opportunities affect your tax status and vice versa, we can help you manage your tax issues proactively. The opportunities for tax planning are not all apparent at first glance. Having us on your team makes you more likely to benefit from those opportunities.

Our responsibility is to keep you and your business informed about the latest federal, state, and local tax legislation. In order to reduce the amount of tax owed to the government, state, and local governments, we constantly identify new ways.