Trust Me! I'm a Lawyer: Lawyers VS. CPAS

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.