NORTH ACCOUNTING SERVICES, INC
Services for the Cannabis Industry in Washington State and Washington D.C.
We provide a wide variety of services to meet you accounting and tax reporting needs:
We strive to stay current on Federal and State Tax Laws as it relates to the Cannabis Industry.
As the laws are ever changing, we continue to research and follow current U. S. Tax Court decisions and State rulings for the industry. We do not shy away from taking a position or refer you to take our work to some other firm for completion of your Federal or State reporting requirements.
When you applied for your business licenses, you knew the risk and rewards when entering this industry. You have already signed a government document stating “your intentions to enter the Marijuana business.
Wikipedia stated it best, “Tax evasion is the illegal evasion of taxes by individuals, corporations and trusts. Tax evasion often entails taxpayers deliberately misrepresenting the true state of their affairs to the tax authorities to reduce their tax liability and includes dishonest tax reporting, such as declaring less income, profits or gains than the amounts actually earned, or overstating deductions.
Tax evasion is an activity commonly associated with the informal economy. One measure of the extent of tax evasion (the "tax gap") is the amount of unreported income, which is the difference between the amount of income that should be reported to the tax authorities and the actual amount reported.
In contrast, tax avoidance is the legal use of tax laws to reduce one's tax burden. Both tax evasion and avoidance can be viewed as forms of tax noncompliance, as they describe a range of activities that intend to subvert a state's tax system, although such classification of tax avoidance is not indisputable, given that avoidance is lawful, within self-creating systems.”
Businesses and individuals that prevailed in Tax Court had clear and complete records. Those that lost, failed to retain their records.