Description
Course Description
Gain crucial insights into navigating the complex tax landscape of the cannabis industry.
Businesses in the evolving cannabis industry are subject to federal and state taxes unlike any other industry. These taxes and their enforcement have continued to evolve and today we see new possibilities with the industry challenging federal authority and Congress’ creation of Section 471(c). Attendees of this presentation will gain crucial insights into navigating the complex tax landscape of the cannabis industry. We’ll explore how the Section 471(c) Method of Accounting intersects with Section 280E of the U.S. Internal Revenue Code, offering potential solutions to mitigate its impact on COGS. Additionally, we’ll delve into the legal challenges, such as the Gonzales v. Raich case, questioning federal authority over marijuana regulation and its implications for the industry. Finally, we’ll address Uncertain Tax Positions, emphasizing the importance of disclosure and the role of tax opinions. By attending, participants will be equipped to navigate these challenges effectively, ensuring compliance and optimizing financial outcomes.
Learning Objectives
– You will be able to define Section 471(c) Method of Accounting and its relevance to the cannabis industry’s taxation challenges.
– You will be able to describe the impact of Section 280E of the U.S. Internal Revenue Code on deductions and Cost of Goods Sold for Schedule 1 or 2 controlled substances.
– You will be able to discuss the Gonzales v. Raich challenge and its implications for federal regulation of marijuana under the controlled substances act and interstate commerce clause.
– You will be able to explain the requirements for adequate disclosure of uncertain tax positions, including Forms 8275 and 8275R, and the role of a tax opinion in supporting these positions.
Presenter: Nick Richards, Esq., Greenspoon Marder LLP
Credits*: AIPB, CLE, CPE
Time of program 100 min, 1 pm ET
Date of program June 6
