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 and in-depth look at the challenges associated with serving cannabis industry clients.
Course ID: CANNBLA
Cannabis Law Primer: CPA, Accounting and Finance Edition [4-hour]
Learning Objectives
- Identify the unique federal tax law provisions applicable to marijuana-related businesses
- Estimate 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
Major Topics
- 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
Fields of Study
Management ServicesPrerequisites
None