{"id":55383,"date":"2018-07-13t10:55:51","date_gmt":"2018-07-13t14:55:51","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=55383"},"modified":"2018-09-20t14:07:00","modified_gmt":"2018-09-20t18:07:00","slug":"mark-guiley-oversees-new-cannabis-niche","status":"publish","type":"post","link":"\/\/www.g005e.com\/2018\/07\/13\/mark-guiley-oversees-new-cannabis-niche\/","title":{"rendered":"mark guiley oversees new cannabis niche"},"content":{"rendered":"
\"portrait<\/a>
guiley<\/figcaption><\/figure>\n

the firm talked to its insurance company first.<\/strong><\/p>\n

by liz gold
\ncannabizcpa.pro<\/a>
\n<\/em><\/p>\n

mark guiley is a tax manager at isler cpa in eugene, oregon. and he\u2019s the point person for the firm\u2019s newly budding cannabis practice.<\/p>\n

more on cannabiz:<\/b> cannabis trends: what cpas need to know for 2018 and beyond<\/a> | tom achor: at the intersection of cannabis accounting and technology<\/a> | podcast: john repetti and mitzi hollenbeck of citrin cooperman<\/a> | 4 best things about being a \u2018dope\u2019 accountant<\/a> | five reasons accountants should serve cannabis clients<\/a> | the fire starter: groundbreaking cannabis cpa luigi zamarra<\/a> | cpa kim walker: \u2018we can\u2019t be afraid of diving into marijuana\u2019<\/a><\/p>\n

and more on the cannabis niche at 卡塔尔世界杯常规比赛时间 cannabizcpa.pro<\/a><\/h3>\n

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though cannabis has been legal in oregon since 2014, the firm recently decided to start serving cannabis clients late last year.
\n
\n\u201cit\u2019s still considered illegal for federal purposes, which creates a gray area for cpa firms, but we decided to go ahead and start assisting people because the owners of dispensaries and growers needed tax assistance,\u201d said guiley. \u201cso, we started offering services, tax filings, primarily.\u201d<\/p>\n

a couple of years out from being partner, guiley oversees the firm\u2019s cannabis clients, providing consulting, tax and general accounting services. isler cpa has one office in eugene and about 20 staff in between their tax and audit departments, with that number inching higher during tax season. their bread-and-butter clients on the tax side include hospitality, manufacturing and real estate companies, while on the audit side, the firm works primarily with indian tribes, municipalities and key nonprofit organizations.<\/p>\n

\u201cit was never an issue of us not wanting to help people in this industry,\u201d said guiley of cannabis. \u201cobviously there is still a little bit of stigma for part of the population, but it was more so that we had to turn away a lot of potential clients in the last couple of years because the federal illegality of it posed a high risk and the industry wasn\u2019t quite established yet.\u201d<\/p>\n

the firm moved forward in pursuing cannabis clients after a discussion with its insurance company and deciding it wasn\u2019t fair for the cannabis industry to not have access to the services it needed to succeed and comply with tax regulations.<\/p>\n

\u201csince oregon has been legalized there are no threats of state penalties for just helping people out and providing tax services, so we decided to just go with it,\u201d guiley said. \u201cwe feel that down the road it\u2019s going to be legal everywhere, so we might as well get into it now and start helping these people out and by the time it’s legal everywhere we will have already built these relationships.\u201d<\/p>\n

guiley says the firm was proactive about its marketing, reaching out to local dispensaries in the eugene\/springfield area and telling them about the firm\u2019s services. it decided to start with dispensaries to launch the practice because well, in oregon, there are a lot of them.<\/p>\n

\u201cdispensaries’ tax returns are a little less complex than a grower’s because there are fewer things you can take as expenses with dispensaries,\u201d said guiley. \u201cwith growers, it\u2019s a little more in-depth so we thought to get our feet wet and start with dispensaries. and it was easy to create a list of the dispensaries in town by searching some popular cannabis apps.\u201d<\/p>\n

guiley said his interest in cannabis is twofold. he saw the tremendous business opportunity in such a growing industry \u2013 especially in oregon, where it’s legalized \u2013 but he also experienced the powerful medicinal effects of the herb as he recovered from a back injury.<\/p>\n

\u201ci had been taking ibuprofen and seeing a chiropractor a lot and then one of our friends introduced me to cbd oil drops and i started taking a couple of drops at nighttime to help me sleep and it completely got rid of my back pain,\u201d he said. \u201ci was more of an advocate because i felt like it could really help people dealing with chronic pain issues.\u201d<\/p>\n

as a result, guiley said he wanted to give back to the cannabis community and help them stay in business.<\/p>\n

\u201cpart of that is having somebody who can help them be in compliance with their taxes and consulting advice and that is something they should have access to,\u201d he said.<\/p>\n

in general, he tells his cannabis clients that, at the very least, they need a bookkeeper to keep track of their transactions and to get a handle on the company\u2019s financial condition.<\/p>\n

\u201cyou can\u2019t ballpark guess your numbers and when it comes time to do compliance filings and tax returns, if you have those things in place it makes everything much smoother,\u201d he said. \u201cyou\u2019d be surprised at how many dispensary owners are just putting stuff on a spreadsheet not knowing how to properly classify expenses. we always ask about what their books look like and that is the stepping-off point.\u201d<\/p>\n