CPAs and industry professionals need to stay current on the evolving Federal income tax law applicable to cannabis. At least eighteen states-including California-and the District of Columbia allow legalized cannabis sales and many more allow medical cannabis sales. Attendees will become familiar with rules and challenges that affect this growing industry to serve clients best.
Learning Objectives
- Identify the primary legal and tax changes affecting businesses
- Determine the effects of correctly reporting cannabis sales for federal income tax purposes
Major Topics
- Income taxability
- Restrictions on expense deductibility
- Application of capitalization rules
- Ethical and non-tax legal constraints
