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marijuana grower

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Level 1
last updated ‎January 13, 2020 4:49 PM

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

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10 Replies 10
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Level 15
last updated ‎January 13, 2020 4:49 PM

Google is always your friend.

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

 

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
Highlighted
Level 15
last updated ‎January 13, 2020 4:49 PM

@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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Still an AllStar
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Level 11
Level 11
last updated ‎January 13, 2020 4:49 PM

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. 

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Level 15
last updated ‎January 13, 2020 4:49 PM

@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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Still an AllStar
Highlighted
Level 15
last updated ‎January 13, 2020 4:49 PM

@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. 


 

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
Highlighted
Level 15
last updated ‎January 13, 2020 4:49 PM

@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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Still an AllStar
Highlighted
Level 11
Level 11
last updated ‎January 13, 2020 4:49 PM

@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. 

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Level 15
last updated ‎January 13, 2020 4:49 PM

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?

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
Highlighted
Level 11
Level 11
last updated ‎January 13, 2020 4:49 PM

@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!!

Highlighted
Level 15
last updated ‎January 13, 2020 4:49 PM

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

 


ex-AllStar