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- Mario Ceretto
Tax Accounting Finance 280E Compliance Consulting i502 QuickBooks Strategy Accountant CPA Legal Audit Reports Internal Control California Oregon Washington Mario Ceretto New Era GAAP Financial Reporting Start Up Cannabis Marijuana Medical Marijuana Dispensary Bankruptcy Litigation Payroll Seattle Portland San Diego
Mario is the founder of Sibanna Consultants. and has been helping clients in the cannabis industry with litigation support, accounting, audit preparation, GAAP, sales & excise tax, compliance, and 280E strategy. Mario has served as an expert witness in a medical marijuana defense case (People v. Jovan Jackson(2013)) and was appointed by the Court as the CPA for the first medical marijuana business to file bankruptcy in federal court.
Mario has spoken at numerous cannabis and accounting events including Cannabis Finance Bootcamp, Ganjier Spring Kickoff, and CannaGrow Expo, to name a few. Mario's professional experience is representative of his entrepreneurial character, one not afraid to deviate from the stereotypical norms. After leading audit engagements for large publicly traded companies at PwC in Portland, Oregon, Mario founded an accounting practice in San Diego and has helped hundreds of clients in accounting, consulting and tax engagements.
Mario graduated from the University of California Santa Cruz with dual degrees in Business Management Economics and Psychology. Mario holds a CPA certificate from the State of California and services clients nationwide.
About Sibanna Consultants
With over 10 years of experience in the industry, we are one of the nation's leading accounting firms helping hundreds of growers, dispensaries, and ancillary companies with their tax and business strategies from Washington to California.
Our experience allows us to serve clients in all stages of their business at a high level through the application of corporate disciplines and high standards of excellence. Our unique background and experience sets us apart. We not only have the firsthand experience of taking an idea and turning it into a successful business, but we also have years of experience working at large national and international corporations. This unique combination of experience allows us to provide advice and input that you would not receive from a traditional one-dimensional tax firm or accountant. Our team can lend valuable industry expertise to help save you time and money while developing a successful business.
Our thinking is driven by the concepts of innovation and evolution as we seek to redefine the CPA to Client relationship in the New Era. Entrepreneurship is thriving and we provide cutting edge solutions and tools allowing our clients to navigate as efficiently as possible through the uncertainty and perceived barriers to operating a successful business. Our approach to client service is uniquely tailored to maximize our ability to serve you and your business.
Are you ready to take your business to the next level?
Founder & CEO
New Era CPAs, LLP
November 2013 - May 2020
Partner at New Era CPAs, LLP providing accounting, tax, and consulting services to businesses and individuals throughout the West Coast.
Specialities: Federal & State income tax preparation, small business consulting, internal controls, litigation & bankruptcy support, expert testimony, IRS audit support, payroll & payroll taxes. Emphasis on emerging industries and start-ups.
Collective Accounting Solutions
June 2010 - November 2013
Accounting firm providing comprehensive accounting, tax, audit and consulting services to all players in the medical marijuana industry including dispensaries, suppliers, growers, and member patients.
Konja & Associates CPAs
December 2008 - June 2010
Income tax preparation for corporations & individuals, small business consulting & risk assessments, and business plan development & reviews.
August 2005 - April 2008
Provide attestation and assurance services to private middle-market and SEC registrants.
June 2020 - present
University of California, Santa Cruz
2000 - 2004
Bachelor of Arts (B.A.), Dual Degree: Business Management Economics & Psychology
Certified Public Accountant
California Board of Accountancy
December 2009 - present
Mario Ceretto replied:
Cultivation supplies are attributable to inventory and thereby deductible through Cost of Goods Sold (COGS). Cogs is the allowable deduction under IRC 280E.
If marijuana is rescheduled, what happens to all the elaborate structures cannabis companies are using to comply with 280E?
Do the existing structures just blow up or is there any easy path to normalcy?
Mario Ceretto replied:
The impact of 280E is contingent upon which schedule cannabis is reclassified under. If moved to Schedule II, 280E still applies while allowing FDA intervention and opens the door to big Pharma. If reclassified under III or lower, 280E will not apply and therefore cannabis touching businesses will have more benefits such as access to banking (hopefully), attract investment, and retain earnings for long term growth. Currently Outside investors are hesitant to invest in cannabis due to 280E therefore most investment dollars are going into holding companies (i.e. Real Estate) and/or ancillary businesses. The complex structures and transactions driving revenue from the cannabis to the non-cannabis touching entities would be simplified. In addition, the selection of business entity type would be more flexible in that flow-through entities (i.e partnerships) would not pass 'inflated income' to individual owners due to expenses disallowed under 280E. Overall the elimination of 280E through rescheduling depends on which Schedule its classified. If 280E was non-applicable, the barriers to entry in the cannabis industry would be largely reduced.
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