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