Video

  • 21 minutes

Current Federal Tax Issues and Reporting Requirements for Cannabis Companies

 

Cannibas companies have faced regulations since 2009 and the IRS is heavily focused on examinations of these companies.

There is a section of the code that disallows someone selling Schedule I narcotics from deducting their expenses and taking credits. The legislative history of this section says that the only deductions that are allowed are cost of goods sold, and the thought is that there is an indication that denial of the cost of goods sold deduction would be unconstitutional. This leaves a high tax burden on these businesses with no deduction of the expenses related to advertising expenses, and operation of the retail facility. Watch this video for litigation updates and a discussion on the impact of tax reform.

Runtime: 20 minutes

Agenda

Faculty

Matthew D. Lee

Matthew D. Lee

Fox Rothschild LLP

  • Partner in the Philadelphia office of Fox Rothschild LLP
  • Former U.S. Department of Justice trial attorney
  • Practice emphasizes all aspects of white collar criminal defense and federal tax controversies
  • Advises clients on FATCA and FBAR reporting requirements and IRS voluntary disclosure programs
  • Counsels foreign banks on FATCA compliance issues
  • Author of The Foreign Account Tax Compliance Act Answer Book 2017 (Practising Law Institute)
  • Frequent speaker and writer on issues relating to the IRS voluntary disclosure programs, DOJ/IRS enforcement efforts regarding undeclared foreign bank accounts, and FBAR and FATCA rules and regulations
  • Member of the Pennsylvania, New York, New Jersey and District of Columbia Bars
  • J.D. degree, Emory University School of Law; B.A. degree, Furman University
  • Can be contacted at 215-299-2765 or [email protected]
Jennifer Benda

Jennifer Benda

Hall Estill

  • Partner with Fox Rothschild LLP
  • Former certified public accountant who focuses her practice on tax controversy, tax compliance and tax planning for clients with difficult and sophisticated tax issues
  • Extensive experience handling cases involving IRS focused compliance regimes including for clients who invested in listed transactions, conservation easements, captive insurance arrangements, and clients who own marijuana businesses
  • Experience as a CPA makes her uniquely qualified to address the issues of the marijuana industry, which are a unique blend of accounting and legal considerations
  • Counsels accountants faced with professional liability issues
  • J.D. degree, with honors, George Washington University Law School; M.S. and B.B.A. degrees in accounting, Texas A&M University

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