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Taxes and the Cannabis Industry

Course Price: N/A
CPE Credits
October 9, 2020
Course Time
10:00 AM
Advanced Preparation
Course Level
Knowledge of Federal Tax Law
Nina Tross MBA, EA

Course Description

IRS: Federal Tax Law Topics 2 CPE/Federal Tax Law Update 2 CPE

CTEC: Tax Law 2 CPE/Tax Update 2 CPE

NASBA: Taxes 4 CPE

During this course we will cover the paradox of an illegal activity at the federal level and the ever-increasing number of states legalizing the sale of both medicinal and recreational drugs. We will look at the official IRS position on the business deductions allowable and filing of tax returns. From banking concerns to IRC Section 280E (which prohibits businesses from taking tax deductions or credits related to illegal activities), to state rules and regulations we will explore the challenges to the tax professional with clients in this industry. There is sufficient tax law to review that addresses the challenges of working in the industry and filing an accurate tax return.

Learning Objectives

At the completion of this course the tax professional will be able to:

  • Identify the tax regulations that impact the specific activities of a client in this industry
  • Prepare an accurate tax return based on the applicable code provisions and case law
  • Understand the risks in working with a client in this industry
  • Differentiate the tax filing for federal tax purposes and state requirements
Administration Policies: NSTP follows strict administrative policies
Late Registration
  • Registrations must be received no later than 7 days prior to the seminar date.
  • Registrations received after this date will be subject to a $35 late fee.
  • NSTP provides refunds to registrants up to 7 days prior to the date of the course. For those registrants canceling within 14 days prior to the date of the course NSTP will allow attendance at another seminar site. If there are extraordinary circumstances NSTP will allow the participant to attend a future education course. An administrative charge of $25 will be assessed if canceled. For more information regarding refund, cancellation and complaint policies, please contact our offices at 800-367-8130
  • NSTP reserves the right to cancel any program or course for circumstances that are not under direct control of NSTP. If a course or program is canceled, participants will be refunded 100% of their registration fee.
  • We do not accept walk-in attendees. Payment must be received in advance of the class. Classes may not be retaken without payment.
  • Seminar materials and seminar presentations are intended to stimulate thought and discussion and to provide attendees the useful ideas and guidance in the areas of federal taxation and administration. These materials as well as the comments of the instructors do not constitute and should not be treated as tax advice regarding the use of any particular tax procedure, tax planning technique or device or suggestion or any of the tax consequences associated with them.
  • Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author, the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual's reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials and during the seminar presentation before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any particular device, technique or suggestion before recommending the same to a client or implementing the same on a client's or on his or her own behalf.
Attendance Policy
  • Only paid registrants are able to attend seminars. In consideration of your fellow attendees, guests will need to depart before the session begins. The seminar lunch is for paid registrants only and is included in the registration fee.