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Free cpece webinars
Taxation for the Cannabis Industry

TAXATION FOR THE CANNABIS INDUSTRY

Cost Free
CPE Credits 1.0 hour
CE Credits 1.0 hour
Course Id# - HURS9-U-00607-20-O
Subject Area Taxes (Federal Tax Update)
Course Level Beginner
Instructional Method Group Internet Based
Prerequisites None
Advanced Preparation None
Course Description

The sale and distribution of cannabis for recreational or medical use have become a powerful economic engine generating billions in annual revenue with 33 states and the District of Columbia having some form of legalization of the substance. Despite state relaxation of marijuana prohibition laws, without careful planning, the taxation of regulated marijuana businesses can result in hefty tax assessments and penalties. Cannabis businesses are accounting for and reporting the results of their operations with gross receipts, cost of goods sold (COGS), and other deductions just like other for-profit businesses. However, as long as marijuana remains a Schedule 1 controlled substance under federal law, these businesses must navigate the pitfalls of complex federal and state tax rules. This free webinar will discuss several aspects that affect the taxation of companies in the cannabis industry including : Different types of entities to own a cannabis business Federal, state and local taxes including IRC Sec.280E Court cases as well as use of Opportunities Zones Sec 199A R&D credits and much more.

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Mike leads Armanino's Cannabis Tax group. A tax professional since 1989, he has significant experience in federal, state and local tax from both an accounting and legal perspective. He spent time with multiple Big 4 firms, including serving in KPMG’s Washington National Tax Office, and has worked with cannabis companies both large and small in California, Nevada, Oregon, Washington and Colorado.

He advises cannabis clients on a broad range of issues that affect the space, including mergers and acquisitions, loan structuring, and funding mechanisms from venture capital, private equity and investment banking. Mike provides guidance on cannabis technology, manufacturing, transportation and retail issues, and literally wrote the book on Cannabis Taxation for Thompson Reuters.

He is a member of the California Society of Certified Public Accountants, the National Cannabis Industry Association and the California Cannabis Association, which nominated him for their CPA of the Year award for 2019. He holds a B.S. in mathematics and psychology from the University of Alabama, a J.D. from Cumberland Law, and a Masters of Tax Law from Emory Law School.

Frequently Asked Questions
  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • Multiple attendees: In order to receive CPE for multiple attendees, ensure that at least one person signs up for the webinar. At the completion of the webinar a proctor form is provided. Alternatively, you may also login to your account following the webinar and click on the MY ACCOUNT button where you will find a link to the proctor letter.
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NASBA Approved

CPAacademy.org (Sponsor Id#: 111889) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

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EA Approved

CPAacademy.org (Sponsor Id#: HURS9) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

About Our Presenter

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Armanino LLP is the largest independent accounting and consulting firm based in California and one of the largest firms in the United States. Armanino provides an integrated set of audit, tax, consulting, business management and technology solutions to companies in the U.S. and globally. Armanino extends its global services to more than 100 countries through its membership in Moore Stephens International Limited—one of the world's major accounting and consulting membership organizations. In addition to its core consulting and accounting practices, Armanino operates its division—AMF Media Group (amfmediagroup.com), media and communications services and its affiliate and Intersect Capital (intersectcapitalllc.com), an independent financial planning, wealth and lifestyle management firm.