BBP started out by providing bookkeeping, management reports, payroll services, and the associated taxes. Before I knew it, I had developed a reputation for being a ‘fixer.’ What does this mean? I take the pile of receipts, the books that have not been clean for 2 or more years, the payroll and sales taxes that are behind, and help get you back on track. I also specialize in providing complex reporting through job costing primarily for construction, oil & gas, real estate, and cannabis companies. It's fair to say that I like challenges.

As BBP grew, so did the team and the services provided. In mid-2020, Top Shelf Services was started to help our cannabis clients with their 280E & 471 services in addition to cultivation consulting. 

You may have also noticed that recently BBP has rebranded to Top Shelf Services. We are no longer an “I”, we are absolutely a team. We no longer needed two companies to operate under, and Top Shelf best describes who we are as a team and the level of services we offer. Here are our most commonly asked questions and their answers. If you have more questions, please contact us!

Sadly, the meal deduction is back to percentages based on the type of business activity it is. Most common meals are at 50%. These are business meals with clients, food items for the office, travel meals, and conference meals. The KEY POINT here is if the meal is $75 or more, you have to keep the receipt or documentation of the meal. TIP #1, when you are signing the receipt write who you met with and how it is related to your business. TIP #2, take out your phone and snap a pic in your QuickBooks app so you have a digital copy to attach to the expense directly in your books.

Bookkeepers and CPAs are different. Short answer is bookkeepers keep you organized and your CPA will provide services for tax preparation or tax planning. Each bookkeeper is different in the scope of services they provide. My team is hands-on all year long. We data entry all financial transactions that clear not only bank accounts, but credit cards, cash and owner-paid expenses. The entire Balance Sheet is reconciled from Cash through the Equity accounts. Taxes are prepared, filed and reconciled to include sales tax, payroll taxes, and industry-specific taxes like OGT and Excise Tax. Our goal is to present the CPA with a pretty set of books, proverbial ribbon optional, haha, so that the CPA can simply enter in the figures for tax projections, tax planning, and tax preparation. We love our CPA partnerships because we do not want to prepare taxes, and they don’t want to keep the books. It’s a great relationship.

There is not an industry standard here, so I highly recommend that whatever you choose to do, think ahead to what you’ll do if you are sued or audited. Your CPA and/or lawyer will be who defends you and they will need to be on the same page. Regarding 280E, this is not a tax code to ‘get around.’ Document your direct and indirect expenses, keep solid records, especially cash records, pay your help correctly (W2 vs 1099), execute NTTCs, and stay up to date on your books and taxes. 

Jennifer Blazer

(575) 644-7659

1155 S Telshor Blvd Ste 200 (NAI 1st Valley Building)

Monday to Friday, 9 a.m. to 5 p.m.

Schedule Appointments at: admin@bbp-ts.com