Taxation of the Cannabis Industry

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COURSE DESCRIPTION

This course will discuss the taxation of Medical and Recreational Marijuana as well as Industrial Hemp. We will look at the limitations imposed by I.R.C. 280E and navigate through the Cost of Goods, cost allocations, and inventory. Also discussed will be relevant Federal Case Law and some new legislative efforts affecting the industry.

This course will discuss the taxation of the Cannabis Industry and provide a general overview of relevant Internal Revenue Code (I.R.C.) sections, Chief Counsel guidance as well as pertinent Court Cases.

Topics include:

• Historical view of U.S. Taxation
• Distinguish between Industrial Hemp and Marijuana
• Review Income as defined by the I.R.C.
• Apply restrictions and limitations of 280E
• Examine the state marijuana laws
• Discuss the challenges of cash-intensive business
• Analyze Federal Court Cases

Who Should Attend:

• All Certified Public Accountants (CPAs)
• Enrolled Agents (EAs)
• Other Tax Return Preparer (OTRP)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorships: