- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 2.0
To work in the cannabis industry, it is essential for CPAs and business advisors to have a basic understanding of how it operates and the challenges it presents. It is an extremely complex industry and very heavily taxed. Chapter 1 presents an overview of the cannabis industry including history, state and federal treatment, operations and tracking. Chapter 2 presents the reporting of gross income rather than gross receipts, inventory accounting methods, allocation of inventoriable costs, tax return presentation, and additional cost-allocation considerations. Chapters 3 and 4 explore the Harborside Health Center and Alternative Health Care Advocates cases. Lastly, chapter 5 presents tax strategies. This basic level course is most beneficial to professionals new to taxation of the cannabis industry who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to this topic.
Upon successful completion of this course, the user should be able to:
recognize the tax challenges applicable to the cannabis industry;
identify allowable methods to minimize federal income tax on the cannabis industry;
recognize how Sec. 280E and Sec. 471 were applied in the Harborside Health Center case and how Sec. 280E was applied in the Alternative Health Care Advocates case; and
identify tax strategy applicable to the cannabis industry.