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marijuana grower

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ratherfarm
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Oklahoma has marijuana dispensaries and growers filing in 2019.  What information is available for me?

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All-Star

Google is always your friend.

https://www.google.com/search?source=hp&ei=ivYcXp7jMpO4tQaSipaACA&q=taxation+of+marijuana+industry&o...

 

Wile E's Tax Prep, Emergency Brain Surgery, and Used Tire Shop - Nobody does it cheaper! Call 8675309 for an appointment today - or tomorrow, we aren't that busy.
All-Star

@IRonMaN wrote:

Google is always your friend.

Hmmm, at this moment, from the link, Google says: "Be careful what you wish for...

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“You don’t need to see his identification…These aren’t the droids you’re looking for.”
All-Star

I'd be careful taking on a marijuana client at least from a Federal standpoint. Someone told me though the feds are considering legalizing it on their end. Thats just hearsay though. I have no stone cold facts. 

All-Star

@garman22 wrote:

I'd be careful taking on a marijuana client at least from a Federal standpoint. Someone told me though the feds are considering legalizing it on their end. Thats just hearsay though. I have no stone cold facts. 


Moral issues aside, the water is probably too muddy to be my cup of tea, cash business, potential accounting issues, availability of records, and various other compliance risks from the little that I understand.

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“You don’t need to see his identification…These aren’t the droids you’re looking for.”
All-Star

@itonewbie wrote:

@garman22 wrote:

I'd be careful taking on a marijuana client at least from a Federal standpoint. Someone told me though the feds are considering legalizing it on their end. Thats just hearsay though. I have no stone cold facts. 


Moral issues aside, the water is probably too muddy to be my cup of tea, cash business, potential accounting issues, availability of records, and various other compliance risks from the little that I understand.

 

But someone has to prepare the returns.  And look on the bright side, they have to pay you in cash so it's like free money - you don't have to report the income Smiley Surprised

For the record --------------------- I'm just kidding --------------------------- just in case someone here starts taking me seriously. 


 

Wile E's Tax Prep, Emergency Brain Surgery, and Used Tire Shop - Nobody does it cheaper! Call 8675309 for an appointment today - or tomorrow, we aren't that busy.
All-Star

@IRonMaN wrote:

For the record --------------------- I'm just kidding --------------------------- just in case someone here starts taking me seriously. 


Smiley Very Happy

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“You don’t need to see his identification…These aren’t the droids you’re looking for.”
All-Star

@itonewbie wrote:

@garman22 wrote:

I'd be careful taking on a marijuana client at least from a Federal standpoint. Someone told me though the feds are considering legalizing it on their end. Thats just hearsay though. I have no stone cold facts. 


Moral issues aside, the water is probably too muddy to be my cup of tea, cash business, potential accounting issues, availability of records, and various other compliance risks from the little that I understand.


I've heard its not so much of a moral issues as opposed to an insurance issue. Most banks and insurers will not or cannot deal with marijuana businesses. Now, what if you as the accountant has a marijuana client, your malpractice insurance could be negated. 

 

Honestly, Im not sure I believe this but.......https://riskandinsurance.com/the-cannabis-contradiction/   <------safe. This could extend to accountants. 

All-Star

Yeah, moral issues.  Those same banks and insurance companies have no problem dealing with booze or tobacco clients but they morally can't deal with the pot industry ----------- give me a break.  Oh, that's right, there are federal laws against it, but when is the last time Elliot Ness and the boys raided a plant producing medical marijuana?  I don't drink, I don't smoke, and I don't do pot, but from my side of things I don't see a lot of difference between the three vices.  At least pot does help with some medical issues.  When is the last time someone said a bottle of Jim Beam or the Marlboro Man helped with their chemo treatment or their MS?  It supposedly helps for pain, but we have legal opioids so who needs pot?  How is that working out for the country?

Wile E's Tax Prep, Emergency Brain Surgery, and Used Tire Shop - Nobody does it cheaper! Call 8675309 for an appointment today - or tomorrow, we aren't that busy.
All-Star

@IRonMaN wrote:

Yeah, moral issues.  Those same banks and insurance companies have no problem dealing with booze or tobacco clients but they morally can't deal with the pot industry ----------- give me a break.  Oh, that's right, there are federal laws against it, but when is the last time Elliot Ness and the boys raided a plant producing medical marijuana?  I don't drink, I don't smoke, and I don't do pot, but from my side of things I don't see a lot of difference between the three vices.  At least pot does help with some medical issues.  When is the last time someone said a bottle of Jim Beam or the Marlboro Man helped with their chemo treatment or their MS?  It supposedly helps for pain, but we have legal opioids so who needs pot?  How is that working out for the country?


You'll get no argument from me there!!

All-Star

This is a couple of years old and for CA, but it could make for a good read: https://www.caltax.com/spidellweb/public/webinars/webinar-materials/MarijuanaCPE.pdf

 

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