LAWYERS VS. CPAS Do you need both? YES!!!
BREAKING NEWS!
TWO OKLAHOMA ATTORNEYS ACCUSED OF FACILITATING ILLEGAL MEDICAL MARIJUANA OPERATIONS OKLAHOMA CITY — Attorney General John O’Connor filed charges Thursday against two Oklahoma attorneys accused of facilitating illegal medical marijuana operations.
Licensing Report Growers Processors Dispensaries Transport Laboratory Waste Disposal
As of June 13th, there are 7,444 growers within our state We have 1,449 licensed processors in the state We currently have 2,266 dispensary licenses with this great state We now have 121 Transportation Licenses We have 28 licensed labs We have 9 licensed waste disposal faclities
Active Licenses: 385,985 Patients & 1,821 Caregivers (369, 247 in June 2021)
SQ788 TAX
(2,255 in June 2021)
STATE & LOCAL
SALES TAX
2019 (JAN. TO DEC.)
2019 (JAN. TO DEC.)
..................... $24,156,269
..................... $30,594,902
2020 (JAN. TO DEC.)
2020 (JAN. TO DEC.)
.................... $56,245,888
..................... $71,593,772
2021 (JAN. TO DEC.) ..................... $66,173,758
2021 (JAN. TO NOV.) ..................... $83,265,745
2022 ( JAN. TO MAY.)
........................ $24,172,678
November - $6,252,699
........................ $31,595,648
The Oklahoma Bureau of Narcotics says Logan Jones and Eric Brown of Jones Brown Law Firm told medical marijuana businesses to sign consulting agreements with the firm's employees who would act as ghost owners of the company.
Source: kjrh.com
The agreements said the client would pay $3,000 per license per year for the firm to provide a consultant to serve as an Oklahoma resident so the client could get an Oklahoma Medical Marijuana License. “Let these charges send a loud and clear message to anyone engaging in criminal operations in Oklahoma – your actions will not go unnoticed,” O’Connor says. “My office is committed to eradicating these illegal operators and will continue to hold those facilitating illegal marijuana operations accountable. I am grateful for the excellent investigative work by the Oklahoma Bureau of Narcotics and their dedication to dismantling criminal organizations.”
During the investigation, OBN agents searched several locations in Oklahoma including Dao K 88 LLC in Garvin County, Evergreen Cannabis LLC in Major County, and Tianz LLC in Mayes County. Authorities seized more than 20,000 marijuana plants during those three searches. Jones and Brown are each charged with one count of conspiracy to cultivate a controlled dangerous substance (marijuana), six counts of offering false or forged instruments for recordation, three counts of cultivation of a controlled dangerous substance (marijuana) and one count of pattern of criminal offenses.
19
JULY 2022
thechronicmagazine.com
BY JADE PEBWORTH
As you all have probably gathered by now, I am all about limiting liability. It is my favorite thing to talk about because the possibilities are endless! Each decision you make on behalf of your business can have a positive or negative impact in the long run. Lawyers and CPAs can help advise you every step of the way. Lawyers, like myself, are awesome and can help with a variety of things regarding the law. Lawyers can draft entity documents, review contracts, interpret the law and apply it to your situation, represent you in a legal matter, and more. But, I, along with most lawyers, are not tax lawyers nor are we certified public accountants. Clients often ask me what the tax consequences of a certain action are, and my answer is always “ask your CPA.” The Internal Revenue Service is a very large and powerful entity. Having a personal individual CPA is something I always recommend and the same is true when it comes to your business. In the medical marijuana industry in Oklahoma, having both a lawyer and a CPA for your company can help limit your liability on all fronts. As you all know, marijuana is still federally illegal which has some steep tax consequences. Thankfully, in the hands of a knowledgeable CPA, you could minimize your tax liability and therefore increase your financial gain! Although limiting tax liability is one great benefit of having a CPA, the list doesn’t end there. A CPA can help with payroll, conduct internal financial audits, and company valuations, predict tax liability and advise on the consequences of your financial transactions. A lawyer can draft entity documents and represent you in a matter, but they are not likely the person you want to be retained for payroll.
For questions or more information email Jade@BICLegal.com
- Jade
