Jeff Frable

CCK Strategies
Certified Public Accountant

Session Title: Strategically Navigate Oklahoma's Cannabis Tax Frontier

Time: April 3rd, 4:45 – 5:45 PM
Location: Seminar Room #1

Professional Summary

Jeff Frable is a: Believer, husband, dad, CPA, runner.

Jeffrey A. Frable is a Certified Public Accountant and a graduate of Southwestern Oklahoma State University with a Bachelor of Science degree in accounting. His major areas of practice include: small business organization and strategic planning; income tax consultation; audit and financial accounting services; and general business and non-profit organization consultation.

Jeff joined CCK Strategies in 1999 and became partner 4 years later. Jeff’s daily goal is to make an impact on his clients' lives and destroy the “typical accountant” stereotype.

Jeff’s approach to proactive tax planning and small business strategy provides his clients assurance when it comes to general business and non-profit consultation. He has played a key role in developing a Firm culture resulting in growth from 7 employees in 1999 to more than 100 today.

Jeff mixes his passions with current and past service: Faith - New Beginnings Church; Dad - Pride of Bixby Band Parent Association; Community - Bixby Rotary Club, Bixby Metro and Tulsa Regional Chambers of Commerce; Montereau Retirement Community, Oklahoma Society of CPAs; and Tulsa Route 66 Marathon. Jeff was the 54th inductee to the Oklahoma Accounting Hall of Fame in 2013.

Jeff is made complete by his faith, his wife of 26 years - Sherry, his three amazing kids and a cleverly disguised running addiction.

Session Abstract

The moment State Question 788 passed, Oklahoma entrepreneurial business owners were introduced to a brand new industry....tons of upside opportunity, but attached with complex tax and reporting ramifications. Virtually overnight, certain IRS Tax Code sections took on additional prominence and importance to Oklahoma cannabis business owners. 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. 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 even more important. Business owners must move toward developing strategic solutions for growth, cash flow, protection and tax liability exposure control.

In this session, Jeff goes beyond the overwhelming compliance of IRC 280E and IRC 471 to break down the most important tax and reporting issues that face Oklahoma cannabis business owners, including: Oklahoma entity structuring opportunities and options; Unity Bill analysis and impact; cash operations, internal controls and banking issues; monthly, annual and transactional reporting requirements; exposure points and considerations. Leave the session with an understanding of the issues and "lingo" you should hear from your tax advisor.