2F. Taxes and the Cannabis Industry | Webinar
- Course Description
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
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Your certificate will be emailed to you within 10 business days of the completion of the course.
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