Although state-legal cannabis businesses continue to be prohibited from taking standard federal tax deductions, many make mistakes in managing, planning for and understanding Section 280E. As a result, MJ businesses typically end up paying taxes at exorbitant rates. In this session, several of the industry’s leading tax experts will discuss tax regulations as they relate to the cannabis industry, major court cases and business considerations.
You’ll get insights on:
- Entity structure, recordkeeping and cost-accounting strategies – dispelling the myths and misleading information.
- What recent tax cases say about how courts interpret cannabis tax regulations.
- Where federal reform stands.
- Dealing with the IRS: preparing for an audit, complying with Form 8300 (cash payments over $10,000), resolving IRS debt.
- Issues regarding making a “for-profit” IRS election for a not-for-profit entity.