IRS Tax Code sections have significant prominence and importance to cannabis operators. Is it really true “There are no tax deductions in the cannabis industry”? It all starts with IRC 280E, expands to IRC 471, and from there goes to a whole other level of required reporting, compliance and exposure. 5 years ago, Oklahoma entrepreneurial business owners were introduced to a brand new industry….tons of upside opportunity – but attached with complex tax and reporting ramifications. The need 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 critical. Business owners must move toward developing strategic solutions for growth, cash flow, protection and tax liability exposure control rather than sit back and get surprised by unplanned obligations to the Tax Man.