Building on the information presented in An Overview of Legalized Cannabis: State Laws, Taxation, and Ethics, Nick Richards explores in more detail the impact of IRC §280E on the cannabis industry. Topics covered include ethical issues, tracking systems, entity formation, as well as record keeping. With the onset of the recreational cannabis industry, state and federal marijuana taxes, at high rates, have incentivized regular income, excise, and sales and use tax audits. Be ready.
Upon successful completion of this course, participants will be able to:
- Recognize current laws, regulations, and court cases pertaining to the cannabis industry, noting the Department of Justice's enforcement role as well as the states that have issued specific guidance to licensed professionals with clients in the cannabis industry
- Recognize federal cannabis taxation requirements, noting historical legislation origins, reporting requirements, and the impact of federal taxation on a cannabis business
- Identify relevant tax code sections pertaining to cannabis businesses, noting accounting and reporting requirements, the impact of the regulations, and areas where current law could be challenged
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