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OnDemand Course

Marijuana Tax Issues and Reporting Requirements

Gain a better understanding of current marijuana tax issues and reporting requirements.

The increasing legalization of recreational and medical marijuana at the state level - while still considered an illegal controlled substance under federal law - has created one of the most complex tax and compliance environments imaginable. This topic will provide you a comprehensive overview of the tax issues faced by legal marijuana businesses and their tax advisors.

Learning Objectives

  • You will be able to identify instrumental cases and status under federal law
  • You will be able to differentiate statuses under state laws
  • You will be able to recognize schedules under the Controlled Substances Act.
  • You will be able to identify which expenses are deductible as COGS

59 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview

  • The Industry
  • Status Under Federal Law
  • Status Under State Law

Federal Income Tax Issues

  • Limitations of I.R.C. § 280E
  • Determining Cost of Goods Sold
  • Qualified Business Income Under I.R.C. § 199A
  • Capitalizing on and Under I.R.C. § 263A

State Tax Issues

  • State Taxes Imposed
  • Conformity With I.R.C. § 280E

Reporting Requirements

  • Form 8300
  • Penalties
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on July 27, 2021.

Call 1-866-352-9540 for further credit information.

  • AIPB 1.0
     
  • This program is acceptable for 1.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • CPE/NASBA - QAS Self Study 1.6 including Taxes 1.6
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study 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 web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.6 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Ariele R. Doolittle, Esq.

Ariele R. Doolittle, Esq.

Hodgson Russ LLP

  • Senior Associate Attorney with Hodgson Russ LLP, member of firm’s State & Local Tax Practice and Cannabis Practice
  • Practice focused on state and local tax matters, including civil and criminal tax controversies, with an emphasis on New York State tax litigation
  • Counsels businesses and high net worth individuals on complex state tax issues
  • Named as a Super Lawyers Rising Star (Tax), 2017 – 2021
  • J.D. degree, Albany Law School; M.B.A. degree, University at Albany; B.S. degree, Empire State College
  • Can be contacted at 518-433-2407 or [email protected]
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Pay once and get a full year of unlimited training in any format, any time!

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Additional benefits include:

  • State Specific Credit Tracker
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Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 408387
Published 2021
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