Accounting, Auditing and Tax Considerations for the Cannabis Industry

Description

States have been passing legislation that legalizes cannabis for medicinal and recreational use, and the producers and retailers in this industry have been growing. Accounting and financial professionals are now tasked with navigating the often contrary state and federal laws. With cannabis being classified as a Schedule 1 controlled substance under the Federal Controlled Substances Act of 1970 and subject to federal prosecution, can CPAs offer services to clients that operate in this industry? If the CPA does offer services, what are the major tax issues (federal and state) that impact this industry? This course will answer these questions as well as provide the guidance that accounting professionals need to know to offer services in the cannabis industry.

Highlights

• Types of cannabis-related businesses
• Risk considerations for services offered in the cannabis industry
• Recognizing what costs are and are not considered the cost of sales under IRC Section 280E
• Recognize if the entity conducts a business separate from the cannabis sales that may allow some deductions aside from the cost of sales
• State and federal tax differences
• Cash-based business audit considerations
• Financial reporting considerations

Objectives

• Show the importance of Peer Review to our profession
• Illustrate the most frequent errors in a peer review
• Explain the different types of peer review reports
• Show the relationship of the SQCS's to Peer Review
• Explain the Process of Peer Review
• Demonstrate knowledge to understand how to receive a "PASS"

Designed For

Any accounting or financial professional that works directly or indirectly in the cannabis industry or is interested in learning more about how this recent state legislation is impacting the accounting profession.