May 31, 2017 Category: News
On May 19, 2017, the Michigan State Board of Accountancy and Michigan Department of Licensing and Regulatory Affairs – Bureau of Professional Licensing adopted guidance beneficial to CPAs. The guidance states that CPAs that are otherwise in compliance with Michigan’s Medical Marihuana Act, are not specifically prohibited from providing the services under the Occupational Code to clients engaged in the medical marijuana industry. This means that a CPA will not be called in front of the Department of Licensing or Accounting Board based solely on providing professional services in the medical marijuana industry.
It should be noted, however, that the guidance mentions that licensed CPAs should consider the inherent risks of providing services to those with businesses in the medical marijuana industry. Specifically, the political uncertainty of the enforcement of Federal drug laws.
If you have further questions on this matter, please reach out to me at firstname.lastname@example.org.