2022 Cannabis and Federal Taxation: A Primer on Representation Before the IRS and Section 280E FLEXCAST

Overview

One of the largest pain points for cannabis operators is Section 280E of the Internal Revenue Code. This course will discuss the draconian implications of this provision of the Internal Revenue Code. This course will discuss the history of Section 280E, and how it impacts cannabis operators. You will learn how to manage 280E as best as possible in a world where the Courts have consistently held its applicability to cannabis operators. However, there are some tools that we will discuss to limit its impact where possible. We will also discuss the IRS’s enforcement of Section 280E, which has been harsh. And lastly, we will discuss what ramifications providing services to cannabis clients might have on practitioners.

Highlights

Typical vs. Marijuana Business. Practitioners Concerns Preparing Returns For Marijuana Industry.

Prerequisites

None.

Designed For

CPAs and other tax professionals.

Objectives

Understand the history of Section 280E and when it applies, and when it does not. Understand the court battles trying to change the IRS’s position and how the courts have decided. Use the tools available and allocation methods to lessen the burden of 280E. Understand the risk practitioners incur when working with cannabis clients.

Preparation

None.

Notice

• This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT.
• You may take up to one year from the date of purchase to complete the course.
• Pause your FlexCast and resume at a convenient day during the hours above.
• Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning.
• Use chat to ask questions of a subject matter expert during the program.