Cannabis Reporting:
Retail, Medical & Illegal
Cannabis is a fast-growing industry, with many states now legalizing either medical or recreational use, or both. If you have clients now or in the future who are involved in cannabis, this course will give insight and direction into the taxation of retail, medical and illegal cannabis. In this session, we will look at business vs. hobby, income, cost of goods sold and business expenses under IRS Code Section §280E. We will also look at federal and state filing requirements.
Objectives
Upon completion of the session, the learner will be able to:
• Prepare the appropriate tax schedules when cannabis is illegal at the federal level, but legal in many
states
• Summarize unique accounting and tax reporting methods for the industry
• Calculate cost of goods sold
• Prepare Schedule C for a cannabis business
Details
Larry Gray, CPA, CGMA
Instructor:
Level:
Overview
Prerequisites:
None
Advanced Preparation:
None
Delivery Method:
Group Live
CPE credits Designation Field of study
IRS
2
AFSP
Federal Tax Law Topic
IRS
2
EA
Federal Tax Law Topic
NASBA
2
CPA
Taxes
CTEC
2
CRTP
Federal Tax Law Topic
CFP Board
0
CFP®
No
How to Earn CPE
Sessions are first come, first served. Registration is not required for individual sessions. To earn CPE, scan your badge on your way into each session. You do not need to scan on your way out. CPAs will receive an additional form at registration to self-report their time out. We strictly abide by the IRS’ CPE rules and turn badge scanners off ten minutes after each session begins. We cannot award CPE if your badge isn’t scanned.