Self Study/On-Demand
INCPAS On-Demand: Taxation of the Cannabis Industry
This course offers a comprehensive exploration of the cannabis industry, delving into essential topics such as cannabis regulations, business models, financial management, and ethical considerations. A key focus is on distinguishing between Marijuana and Industrial Hemp, including their respective tax treatments. Participants will gain a thorough understanding of the unique challenges and opportunities within the cannabis sector, covering federal and state tax implications, licensing requirements, and market trends.
Learning Objectives
After attending this presentation, you will be able to...
- Recall the historical view of U.S. taxation.
- Distinguish between industrial hemp and marijuana.
- Recall the definition of income as defined by I.R.C. §61.
- Apply the restrictions and limitations of §280E and §471.
- Examine state marijuana laws.
- Recognize the challenges of a cash-intensive business.
- Analyze relevant federal court cases.
Highlights
The major topics that will be covered in this course include:
- Industrial hemp vs. marijuana.
- Income definitions under I.R.C. §61.
- Tax code restrictions: §280E and §471.
- State-specific marijuana laws.
- Cash management in cannabis businesses.
- Federal court case analysis.
Event Level: Basic
Field of Study: Taxation
Advanced Prep
None
Who Should Attend
CPAs, EAs, Tax Professionals, Financial Planners, Investment Advisors, Financial Professionals
Required Knowledge
None
