Federal Taxation of Legal Cannabis (Updated for TCJA!) (4 hours - afternoon) - NEW!

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May 14, 2018

Registration: 12:15 PM / Program: 12:45 PM - 4:30 PM

Fees

Member Fee: $0.00
Nonmember Fee: $0.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: None

Description

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 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 are operated by the same entity; and what costs may be capitalized by type of operation (that is, grower vs. processor vs. retailer). We'll also discuss which types of entities work best for cannabis businesses.

Designed For

CPAs and CPA aspirants in public practice and tax staff in industry.

Objectives

Recognize recent developments * Identify useful tax planning ideas.

Major Subjects

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.