States have been passing legislation that legalizes cannabis for medicinal and recreationaluse, and the producers and retailers in this industry have been growing. Accounting andfinancial professionals are now tasked with navigating the often contrary state and federallaws. With cannabis being classified as a Schedule 1 controlled substance under the FederalControlled Substances Act of 1970 and subject to federal prosecution, but allowed tobe sold in an increasing number of states, what are the major accounting and tax issues(federal and state) that impact this industry? This course will provide the basic guidance thataccounting professionals need to know to offer services in the cannabis industry.
Accountants and tax practitioners.
Provide accountants with general understanding and awareness of reporting issues related to the cannabis industry.
Participants will be able to:• Recognize state reporting rules for a cannabis business• Recognize federal reporting rules for a cannabis business• Properly account for a cannabis business• Identify and implement appropriate internal controls for a cannabis business• Differentiate federal income tax issues between ordinary business and a cannabisbusiness• Use knowledge of IRC Section 280E to determine what deductions are not allowed for acannabis business• Identify and apply various state and local tax issues that apply to the sale of cannabis