Arkansas accountants cleared to do work for medical marijuana firms

Accountants in Arkansas have been given the green light to provide professional services to medical marijuana businesses, making Arkansas one of the few states where accountancy regulators have given clear guidance on the industry.

The Arkansas State Board of Public Accountancy (ASBPA) has received 5-10 inquiries from accountants wondering if they’re allowed to provide professional services to medical marijuana businesses, Little Rock TV station KFSM reported.

The ASBPA concluded that accountants who provide professional services to licensed Arkansas MMJ businesses will not be perceived as lacking “good moral character” and the service provided won’t be “considered an act discreditable to the profession.” according to Little Rock TV station KFSM.

Though accountants in many marijuana states serve the industry without incident, only a handful of states have issued specific marijuana-industry guidance for CPAs, according to the American Institute of CPAs.

Arkansas’ voter-approved medical marijuana program will have five cultivation facilities and 32 dispensaries, though licenses have not yet been issued.

2 comments on “Arkansas accountants cleared to do work for medical marijuana firms
  1. STEVEN NORTH on

    This is clearly a no brainer. The IRS, stated several years ago, that these businesses may need professional assistance to maintain compliance with reporting requirements. “will not be perceived as lacking “good moral character” and the service provided won’t be “considered an act discreditable to the profession.” Good morals would be helping a business, recognized by the IRS, comply and pay their fair share of taxes.

    Reply
  2. alan newcomb on

    These businesses pay their taxes and I wonder if they are entitled to utilize federal and state tax credit programs? Can they use tax credits at the individual level if a pass through? Any guidelines I can resource?

    Reply

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