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.
Armanino
Partner
mike.goral@armaninollp.com
(310) 478-4148
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.
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