Federal Income Taxation of Cannabis Businesses 2024

Overview

CPAs and industry professionals need to stay current on the evolving Federal income tax law applicable to cannabis. At least eighteen states-including California-and the District of Columbia allow legalized cannabis sales, and many more enable medical cannabis sales. Attendees will become familiar with the rules and challenges that affect this growing industry to serve clients best.

Highlights

• Income taxability
• Restrictions on expense deductibility
• Application of capitalization rules
• Ethical and non-tax legal constraints

Prerequisites

None

Designed For

Tax practitioners and financial professionals.

Objectives

• Identify the primary legal and tax changes affecting businesses
• Determine the effects of correctly reporting cannabis sales for federal income tax purposes

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by the California Education Foundation (CalCPA). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.