Overcoming Chaotic Cannabis Tax Issues

April 6, 2024 | 11:00 am | Room 1 | Finance

The moment State Question 788 passed, Oklahoma entrepreneurial business owners were introduced to chaotic tax reporting problems. Virtually overnight, certain IRS Tax Code sections took on additional prominence and importance to Oklahoma cannabis business owners and it has not gotten any better since that time. The cannabis industry is wrought with required reporting, compliance and exposure concerns. The necessity for proactive strategy and competence to navigate through the tax and reporting issues in a heavily controlled, regulated and federally illegal industry, is more important than ever. Additionally, the lack of banking opportunities makes logistical operations and internal controls even more important. Business owners must move toward developing strategic solutions for growth, cash flow, protection and tax liability exposure control.

Jeff Frable

Jeff Frable; Partner; CCK Strategies

Jeff is a Certified Public Accountant and a partner at CCK Strategies. His major areas of practice include: small business organization and strategic planning; income tax consultation; cannabis taxation and reporting; audit and financial accounting services; and general business and non-profit organization consultation. Jeff has technical expertise in aligning small business with strategic and proactive tax planning and general business and non-profit consultation. He joined CCK Strategies in 1999 and has played a key role in developing a firm culture resulting in growth from 7 employees to currently over 100.