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

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May 10, 2019

Registration: 7:30 AM / Program: 8:00 AM - 11:45 AM

Fees

Member Fee: $195.00
Nonmember Fee: $245.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: -97.00

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 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.

Designed For

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

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

Leaders

Gregory White

Greg White, CPA, has practiced tax accounting for more than 35 years. He is founder, shareholder, and President of CPA firm WGN, P.S. in Seattle, Washington, which serves a successful entrepreneurial client base. He also owns and operates State of the Art Tax, LLC, a tax education company. Greg is in his tenth year as an Adjunct Professor at the Golden Gate University’s Seattle Campus where he teaches Capital Assets, Tax Accounting, and Individual Taxation. Greg is licensed to practice in and has argued cases before the US Tax Court. He has been named “Top 50” IRS Practitioner by CPA Magazine. Greg has extensively presented tax CPE, predominantly on the west coast, over the last decade and has written and presented live courses and webinars for CCH and others nationally. He has presented tax topics in the Pacific Northwest on TV including sports on KOMO TV, King TV, and Northwest Cable News. He is frequently in contact with Treasury, IRS, and other top government officials in Washington, D.C. as to late breaking guidance from the government and has been involved in making recommendations to them to help practically shape federal tax legislation and administrative guidance.