Gain Insight into Current Taxation Issues and Acquire Strategies to Resolve Them
The legalization of recreational and medical marijuana in many states - while still being a Schedule 1 controlled substance at the federal level - has resulted in a multitude of unique tax questions, and the cannabis industry is looking for answers. This program will provide a comprehensive overview of the taxation, banking and financing dilemmas currently facing legal marijuana businesses. Our distinguished faculty will catch you up on the current state of marijuana tax law and offer guidance for overcoming the practical challenges that marijuana businesses commonly encounter. Learn how to better serve your cannabis clients - order today!
- Examine the interplay between state and federal positions on marijuana.
- Consider how IRC Section 280E has been interpreted and applied to cannabis businesses.
- Acquire practical strategies to reduce tax burdens while still complying with state and federal tax rules.
- Learn how cannabis businesses are handling the unique banking and financing challenges that they face.
- Institute accounting controls and physical safeguards to protect cash-based cannabis businesses.
- Hear about recent court activity and consider how it might impact the future of marijuana tax law.
10:00 am to 5:00 pm Eastern Standard Time
- Current Federal Position on Marijuana Laws
10:00 - 10:30, Jeffrey Gard
- IRS Section 280E: What it Means for Cannabis Businesses
10;30 - 11:30, J. Daniel Bariault
- Reviewing IRC 280E
- Limitations on Deductions of Business Expenses
- Allowable Deductions Under 280E
- Impact on Producers vs. Retailers
- Strategies to Overcome Tax Difficulties
11:45 - 12:45, Tracy Ahr
- Business Formation Tactics: Choosing the Right Entity Structure
- Methods for Maximizing COGS Deductions
- Inventory Capitalization Strategies
- IRC 471
- IRC 263A
- Tips for Handling Cash Payments
- Interpreting Recent Tax Court Decisions
- Banking and Financing Challenges in the Cannabis Industry
1:15 - 2:15, J. Daniel Bariault
- Understanding the Bank Secrecy Act
- Recent FinCEN Guidance
- Due Diligence Challenges for Financial Institutions
- Suspicious Activity Reporting Requirements
- Preparing for Marijuana Business Audits
- Locating Alternate Sources of Financing
- Accounting Controls for Cash-Based Cannabis Businesses
2:15 - 3:15, Tracy Ahr
- Inventory and Point of Sale Best Practices
- Clear Separation of Duties
- Documentation and Recordkeeping
- Instituting Physical Safeguards
- Recent Developments and the Future of Marijuana Tax Law
3:30 - 4:00, Jeffrey Gard
- Ethical Issues When Advising Cannabis Clients
4:00 - 5:00, Jeffrey Gard
- Marijuana and Rules of Professional Conduct
- Duty to Pursue Justice
- Attorney Use of Cannabis Products
- Attorney Ownership of Cannabis Businesses
This program is designed for attorneys. Accountants, enrolled agents, banking professionals and paralegals may also benefit.