U.S. Federal Income Taxation in the Cannabis Industry 2024

Overview

This course will provide a basic overview of federal tax rules and guidance that apply to Cannabis businesses, including Internal Revenue Code Section 280E, relevant court cases, the “separate trade or business” standard, and inventory accounting. It will also outline the unique tax situations and problems that commonly result from the combination of federal illegality and highly-regulates state law environment - especially in the context of mergers and acquisitions.

Highlights

• Internal Revenue Code 280E basics • Inventory costing under Section 471 • Major course cases and other guidance • M&A in the Cannabis industry

Prerequisites

None

Designed For

CPAs, Attorneys, Enrolled Agents, Financial Professionals, and anyone interested in the fundamentals of this industry.

Objectives

• Determine Federal tax guidance that applies to Cannabis businesses. • Recognize common tax problems encountered in the industry. • Identify how Cannabis companies can comply with available federal tax guidance.

Preparation

None