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22WC-1023: Accounting, Auditing and Tax Considerations for the Cannabis Industry (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Date Thursday, December 22, 2022
Time 10:00am - 1:30pm
Central Time
Location Online
CPE credits CPE 4.0
Field(s)
of study
Accounting - Technical (1.0)
Auditing - Technical (1.0)
Taxes - Technical (2.0)
Instructor David Peters, CPA, CFP, CPCU, MST, MBA
American Institute of Certified Public Accountants
Fees
Standard Member Fee $149.00
Standard Nonmember Fee $199.00

Description

States have been passing legislation that legalizes cannabis for medicinal and recreational use, and the producers and retailers in this industry have been growing. Accounting and financial professionals are now tasked with navigating the often contrary state and federal laws. With cannabis being classified as a Schedule 1 controlled substance under the Federal Controlled Substances Act of 1970 and subject to federal prosecution, but allowed to be sold in an increasing number of states, what are the major accounting and tax issues (federal and state) that impact this industry? This course will provide the basic guidance that accounting professionals need to know to offer services in the cannabis industry.

Who should take this program?

Any accounting or financial professional that works directly or indirectly in the cannabis industry or is interested in learning more about how this recent state legislation is impacting the accounting profession.

Major subjects

  • Types of cannabis-related businesses
  • Risk considerations for services offered in the cannabis industry
  • Recognizing what costs are and are not considered the cost of sales under IRC Section 280E
  • Recognize if the entity conducts a business separate from the cannabis sales that may allow some deductions aside from the cost of sales
  • State and federal tax differences
  • Cash-based business audit considerations
  • Financial reporting considerations

Learning objective(s)

  • Recognize state reporting rules for a cannabis business
  • Recognize federal reporting rules for a cannabis business
  • Properly account for a cannabis business
  • Identify and implement appropriate internal controls for a cannabis business
  • Differentiate federal income tax issues between an ordinary business and a cannabis business
  • Use knowledge of IRC Section 280E to determine what deductions are not allowed for a cannabis business
  • Identify and apply various state and local tax issues that apply to the sale of cannabis

Notes:

Course code Code 22WC-1023
Sponsor CalCPA Education Foundation
NASBA ID#: 104822
Level Basic
Format Group Internet Based
Prerequisites Prereq. Basic auditing, accounting, and tax experience
Advance
prep
None

If you have questions about this event, please call us at 952-831-2707.

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