Much has changed in the United States in the last year in regard to cannabis. New Jersey was one of four states, along with Arizona, Montana and South Dakota, where voters legalized adult use cannabis by ballot initiative in November; and New York, Virginia and Connecticut have followed legislatively.
Still, cannabusiness accounting—Suchoff’s sole focus since starting Fair Lawn-based The Canna CPAs—is tricky when you consider the tax code, which prohibits deducting normal business expenses against taxable income earned from the sale of Schedule 1 drugs.
Despite its legality in several states and its recognition as essential by governments like New Jersey during the COVID-19 pandemic, cannabis is still scheduled by the Drug Enforcement Agency.
Under Suchoff, who has been invited onto Fox News, Snoop Dog’s cannabis website Merry Jane, and other outlets to share her expertise on cannabusiness accounting, The Canna CPAs were named the No. 1 cannabis accounting firm nationwide in December 2020 by Marijuana Guide. With revenues of $5 million, the firm guides its 100+ clients through the complicated (but fruitful) space. The firm’s work will only become more important in the months to come.