Federal Taxation of Legal Marijuana [CAN]

Nov 26, 2019
Time: 08:30am-12:00pm



Credit Hours:



Member: $150.00
Non-member: $225.00

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Discussion Leader: Greg White, CPA

Website registration for this course closes on November 19, 2019. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.

Full Description

Federal Taxation of Legal Marijuana (updated for TCJA!) (CAN)

November 26, 2019

Fireweed Conference Center
725 E. Fireweed Lane
Anchorage, AK

For registrations received less than 21 days from the course date will be charged a late fee of $50 for each 8 hour course and $25 for each 4 hour course and $12.50 for each 2 hour course.

This course has been updated for the Tax Cuts and Jobs Act of 2017. TCJA made a major change to the cannabis tax area. This course will also focus will be on recent cases and IRS administrative guidance; decreasing taxable income of legal marijuana growers, processors and retailers; methods for allocating deductions when a marijuana business and another business is operated by the same entity; and what costs may be capitalized by type of operation (i.e., grower vs. processor vs. retailer). We'll also discuss which types of entities work best for cannabis businesses.

Major Topics:
- What major impact did the Tax Cuts and Jobs Act of 2017 have on the cannabis area?
- IRS CCA 201504011: Is the IRS correct and what expenditures are includible as cost of goods sold under this CCA?
- The 9th Circuit's Martin Olive decision.
- Recent tax court cases.
- Allocation of expenditures between two businesses (legal marijuana and other business operated by same entity).
- Business entity choices.

Learning Objectives:
- Recognize recent developments.
- Identify useful tax planning ideas.

Designed For: CPAs and CPA aspirants in public practice and tax staff in private practice.

CPE Credits: 4, Taxation

Level of Knowledge: Update

Prerequisite: Some knowledge of federal and state income taxes.

Acronym: CAN

Discussion Leader: Greg White, CPA