Whether you agree with the legalization of marijuana or not, it is a business like any other industry. There are expenses, revenues, and inventory to track.
But are you hesitant to take on a cannabis client? We don't blame you. Be sure you're asking the right questions before getting involved.
Now that marijuana is legal in 25 states and Washington D.C., the likelihood of hiring on a client involved in the cannabis business is increasing rapidly. Even if your state hasn't legalized recreational marijuana, you could still be dealing with medicinal marijuana.
What is the position of my state board of accountancy on providing services to marijuana distributors?
What are the legal repercussions, if any, that I may have to deal with by providing services to these businesses?
How are other CPAs in my state offering services to this type of clientele?
Does my potential client have any prior convictions?
Will my malpractice insurance be affected by taking on this type of client?
Although these questions aren't all inclusive, they are a good place to start when interviewing a possible client. Staying up to date on the cannabis tax practices will also be a helpful when on boarding marijuana clientele.
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