The number of emerging medical and recreational cannabis markets is increasing at a steady rate. This course will provide a comprehensive overview of cannabis-specific legal issues relevant to CPA and accounting professionals with a focus on the importance of mitigating the inherent legal and ethical implications of serving marijuana-related businesses. Discussion of the application of Section 280E on the CHAMPS case, as well as more recent federal case law, will provide an in-depth look at the challenges associated with serving cannabis industry clients.
* Identify the unique federal tax-law provisions applicable to marijuana-related businesses * Calculate taxable income for marijuana-related businesses in accordance with the limits of IRS Tax Code Section 280E and deductions for “Cost of Goods Sold” * Recognize the legal and ethical implications of providing accounting and other financial services to cannabis industry clients in light of federal prohibition
* Significance and application of IRS Tax Code Section 280E in light of developments in federal case law * Legally permissible application of “Cost of Goods Sold” deductions for purposes of calculating taxable income * Identifying “COGS” deductions for licensed retailers versus licensed growers/cultivators * Determining the legal and ethical constraints associated with serving marijuana-related businesses in light of federal prohibition
Who Should Attend
CPAs, accounting, finance professionals
Additional Event Information
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