Taxation of the Cannabis Industry

Overview

This course offers a comprehensive exploration of the cannabis industry, delving into essential topics such as cannabis regulations, business models, financial management, and ethical considerations. A key focus is on distinguishing between Marijuana and Industrial Hemp, including their respective tax treatments. Participants will gain a thorough understanding of the unique challenges and opportunities within the cannabis sector, covering federal and state tax implications, licensing requirements, and market trends.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics that will be covered in this course include:

• Industrial hemp vs. marijuana.
• Income definitions under I.R.C. §61.
• Tax code restrictions: §280E and §471.
• State-specific marijuana laws.
• Cash management in cannabis businesses.
• Federal court case analysis.

Prerequisites

None

Designed For

CPAs, EAs, Tax Professionals, Financial Planners, Investment Advisors, Financial Professionals

Objectives

After attending this presentation, you will be able to...

• Recall the historical view of U.S. taxation.
• Distinguish between industrial hemp and marijuana.
• Recall the definition of income as defined by I.R.C. §61.
• Apply the restrictions and limitations of §280E and §471.
• Examine state marijuana laws.
• Recognize the challenges of a cash-intensive business.
• Analyze relevant federal court cases.

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 CPA Crossings (messenger@webex.com). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.