Accounting, Auditing, and Tax Considerations for the Cannabis Industry

Overview

You could pay $0 for this course!
This course qualifies for reimbursement through the State Workforce Training Express Fund. Firms/companies with fewer than 100 staff will receive 100% of the cost of training reimbursed. You must register for this course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks before the start date of the course to be eligible. The course code for this program is C-6507. To learn more click here or contact Julia Ekelund at jekelund@mscpaonline.org.

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.

Prerequisites

Basic auditing, accounting, and tax experience

Designed For

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.

Objectives

Participants will be able to: • 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 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

Preparation

None