CPAacademy.org | MARIJUANA: UNDERSTANDING THE NEW §280E RULES FOR
With the number of states that have recently approved initiatives for legalized recreational use of marijuana, and the laws passed in other states permitting the medical/medicinal use of marijuana, producers and retailers of marijuana are quickly growing. Accounting professionals and CPAs serving marijuana businesses are tasked with navigating the often ambiguous and sometimes contrarian state and federal legal information that affect this, albeit growing, niche.
Specific new rule changes to IRC 280E have corporate distributors of cannabis (legal and medicinal) and their accountants concerned. Navigating 280E could prove cumbersome as court cases and IRS memos create varying interpretations of the code. This webinar will address the main issues CPAs and accountants need to consider under 280E.
Determine what's deductible under IRC 280E
Defining COGS specifically for state-legal dispensaries
Identify what's not deductible under IRC 280E
Understand how producers are treated differently than retailers under 280E
Point to relevant tax court cases that affect IRC 280E interpretations
Understand appropriate costing methods for maximizing COGS