About This Course:
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.
What You'll Learn:Section 471(c) Method of Accounting- Explanation of Section 280E of the U.S. Internal Revenue Code
- Impact of Section 280E on Cannabis Industry
- Overview of Section 471(c) and Its Implications
- Discussion on How Section 471(c) May Impact COGS
The Gonzales V. Raich Challenge- Background of the Raich Challenge and Recent Developments
- Analysis of Justice Thomas's Questioning of Federal Authority
- Overview of Lawsuits Challenging Federal Authority
- Discussion on Amended Tax Returns and Implications for Section 280E
- Exploration of Raich, the Interstate Commerce Clause, and Its Impact on
- Cannabis Companies
Uncertain Tax Positions- Explanation of Uncertain Tax Positions Related to Raich Challenge and Section 471(c)
- Importance of Disclosure to the IRS
- Overview of Forms 8275 and 8275R
- Role of Tax Opinions in Claiming Potentially Incorrect Tax Positions
Rescheduling- What Is Schedule 3?
- Section 280E
- Retroactive?
