Accrual vs Cash Accounting: Recognizing Cash and Expenses
In the intricate world of accounting, two methods stand prominently: Accrual basis and Cash basis Accounting. While both offer unique insights into a business’s financial health, understanding the fundamental differences between them is crucial for financial...
Understanding Estimated Tax Payments
Understanding Estimated Tax Payments: Who's Liable, When to Pay, and When to Consult a Tax Professional Estimated tax payments are an essential part of the tax system for individuals and businesses in the United States. They help ensure that taxpayers meet...
AFS – First Notices Have Gone Out
The Cannabis Regulatory Agency (CRA) sent out first notices to licensees with Annual Financial Statements (AFS) due June 30, 2023. These notices detail the requirements to submit an AFS, the reporting period, the due date, and which licenses must be included in the...
It’s Time – Notice of Consolidated AFS Reporting Cycles Released
It’s time to start preparing for the next cycle of annual financial statement (AFS) reports. The AFS report is a deep dive into your business that culminates in an agreed-upon procedures report that provides the Cannabis Regulatory Agency (CRA) with information to...
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