Gain crucial insights into navigating the complex tax landscape of the cannabis industry.
Businesses in the evolving cannabis industry are subject to federal and state taxes unlike any other industry. These taxes and their enforcement have continued to evolve and today we see new possibilities with the industry challenging federal authority and Congress' creation of Section 471(c). Attendees of this presentation will gain crucial insights into navigating the complex tax landscape of the cannabis industry. We'll explore how the Section 471(c) Method of Accounting intersects with Section 280E of the U.S. Internal Revenue Code, offering potential solutions to mitigate its impact on COGS. Additionally, we'll delve into the legal challenges, such as the Gonzales v. Raich case, questioning federal authority over marijuana regulation and its implications for the industry. Finally, we'll address Uncertain Tax Positions, emphasizing the importance of disclosure and the role of tax opinions. By attending, participants will be equipped to navigate these challenges effectively, ensuring compliance and optimizing financial outcomes.
Agenda
Faculty
Nick Richards, Esq.
Greenspoon Marder LLP
- Tax attorney, partner, and co-chair of the Cannabis Law practice group at Greenspoon Marder, LLP
- Practice focuses on tax, cannabis, and regulatory compliance & defense
- Represents individuals and businesses in tax audits & trials, M&A, and managing tax debt
- Advises cannabis companies, owners, and investors on tax and regulatory compliance matters
- Over twenty years of experience as a tax attorney, starting with the IRS where he served as a leading trial attorney, Chief Counsel advisor, and Special Assistant United States Attorney
- Proficient in all phases of the tax system, from reporting and assessment to appeals, court representation, and tax debt resolution
- Teaches tax attorneys and CPAs nationwide and serves as an Adjunct Professor of Law at the University of Denver, Graduate Tax Program
- Recognized as a leading cannabis industry attorney with expertise in IRC Section 280E and BSA cash reporting requirements
- J.D. degree, Lewis & Clark College; B.A. degree, University of California, Santa Barbara
- Can be contacted at 720-370-1169 or [email protected]
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