It’s that time of year again. Bookkeeping and taxes. My least favorite parts of publishing Illinois News Joint. Two years ago, after working with an accountant who had been indifferent, at best, to the Illinois cannabis community, I decided to find an accountant who at least had interest in the plant. I lucked into an even better situation. I found Vineyard Accounting, a cannabis-specific accounting firm designed to work with both plant-touching and ancillary businesses.
Each year Illinois News Joint has expanded, the bookkeeping has increased, but it’s not about the difficulty of doing the taxes. My taxes are relatively easy to figure out compared to others (though each year I have more new questions to ask). It’s about working with and supporting likeminded people who care about the cannabis community and the cannabis industry, so I returned to Vineyard Accounting for my 2023 taxes.
Owners Boyd and Heather LaFoon are currently offering 15% off to businesses that mention this article and Illinois News Joint during the initial consultation. Vineyard Accounting, based in the Champaign-Urbana area, prepares small and large businesses for the challenges and pain points that exist in the cannabis industry.
“Cannabis owners have a hard enough time finding banks and payroll companies and insurance,” said Boyd. “They shouldn’t have to struggle to find an accountant. But walk into any big-four accounting firm, and there will not be a cannabis accounting division there. The Federal Schedule 1 designation scares them away.”
Last year Vineyard Accounting provided Illinois News Joint with full State and Federal tax services, including filing them. In addition, Heather scheduled personal meetings with me to go over adjustments on how to better categorize, label, and schedule business transitions that already have benefits in my bookkeeping. Though Vineyard Accounting works with clients across the Unites States, the firm specializes in businesses located in Illinois.
“We live and work here and know what cannabis licensees in this state have been going through, especially the social equity licensees and independent craft growers,” Boyd said. “After years of licenses being held up in the courts, many cannabis business owners can’t get funding to pay for their build-outs or can’t find a bank that will let them open an account.”
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