Victor and Associates

Cannabis accounting firms

Can’t Pay Your Taxes? Here’s What you should do.

Tax accounting for cannabis business

Can’t Pay Your Taxes? Here’s What you should do. Cannot Pay Your Taxes? Here’s What you should do According to the IRS, there are more than 20 million Americans who owe back taxes, and more than 7 million non-filers. These numbers are expected to increase exponentially due to COVID-19. Many people do not file tax […]

3 Simple Steps to Avoid an IRS Audit

Cannabis accounting service

Three Simple Steps Canna CEO’s Can Take to Avoid an IRS Audit Three Simple Steps Canna CEO’s Can Take to Avoid an IRS Audit Marijuana is by far the most controversial plant on earth. For more than half a century war has been waged on this plant, especially in the United States. Thousands have been […]

Your Internal Controls Suck!

Cannabis tax and accounting services

Your Internal Controls Suck! Your Internal Controls Suck! Here’s What You Can Do About It. The cannabis industry is perceived as the new gold rush. Everyone wants in and many investors are jumping in feet first without any due diligence. As difficult as it is to believe investors are writing checks for millions of dollars […]

Why do you need a Cannabis Accountant?

Cannabis accounting service

Why do you need a Cannabis Accountant? Like every new industry, the Cannabis industry is suffering from growing pains. Currently, the search for qualified accounting support is one of the industry’s greatest challenges. Accounting for Cannabis companies is unique due to marijuana being illegal at the federal level and therefore subject to IRC 280-e. Hiring […]

Tax Credits Treasure-trove

Cannabis accounting solutions

Tax Credits Treasure-trove The new tax bill is a treasure trove of credits and deductions for both businesses and individuals. Two of the most noteworthy are the Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals and the EITC Lookback period. The Family First Response to Coronavirus Act was enacted in March 2020 to prevent employees from having […]