- Credits: 2
- Format: Self-Study Video
- Field of Study: Federal Tax Law
- Author/Speaker: Mary Jane Hourani, MM, EA
|Course ID:||Advanced Preparation:||Experience Level:|
|EWTFM-T-01676-20-S | CTEC: 6233-CE-0399||None||Overview|
|Published Date:||Program Prerequisites:||Other Course Formats:|
|© December 2020||Basic Understanding of Taxation||eBook Self-Study | Audio Self-Study | OnDemand Webinar | Live Webinar|
This course will discuss the taxation of Medical and Recreational Marijuana as well as Industrial Hemp. We will look at the limitations imposed by I.R.C. §280E and navigate through the Cost of Goods, cost allocations, and inventory. Also discussed will be relevant Federal Case Law and some new legislative efforts affecting the industry.
This course will discuss the taxation of the Cannabis Industry and provide a general overview of relevant Internal Revenue Code (I.R.C.) sections, Chief Counsel guidance as well as pertinent Court Cases.
- Historical view of U.S. Taxation
- Distinguish between Industrial Hemp and Marijuana
- Review Income as defined by the I.R.C.
- Apply restrictions and limitations of §280E
- Examine the state marijuana laws
- Discuss the challenges of cash-intensive business
- Analyze Federal Court Cases
Who Should Attend:
- All Certified Public Accountants (CPAs)
- Enrolled Agents (EAs)
- Tax Return Preparers (TRPs)