PRACTICE MANAGEMENT Look before you leap: Assessing the shifting legal landscape for CPAs servicing the medical marijuana community BY E R I C J . R O LLIN G E R A N D JE REMY M. VAIDA
Within the coming months, “cannabusinesses” will begin operating in Maryland, making tax year 2016 exciting and unsettling for many CPAs in the state. While the coming online of an entirely new businesses sector is enticing, medical cannabis presents unique challenges to thoughtful CPAs.
Due to irreconcilable contradictions between federal and state law, CPAs and other professionals are placed in a legal quandary of whether or not to provide services to this emerging industry. This question is not easily answered, but must nevertheless be considered by any CPA seeking to engage cannabusinesses. This article aims to serve as the beginning of an ongoing conversation by analyzing key questions posited by the AICPA and determining how they apply specifically to CPAs in Maryland.
WHAT, IF ANY, IS THE POSITION OF MY STATE BOARD OF ACCOUNTANCY ON CPAS PROVIDING SERVICES TO MARIJUANA GROWERS / DISTRIBUTERS? Maryland’s State Board of Public Accountancy has not published any official guidance on the question of whether CPAs in this state may provide accounting and financial services to marijuana growers, producers, and distributors. However, at its June 2, 2015 public meeting, the Board discussed inquiries from a number of cannabis license applicants who asked STATEMENT