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Tax Treatment of Cannabis Businesses
- An overview of the federal rules applicable to the Cannabis business
- Tax treatment of business expenses to cannabis retailers
- Tax treatment of business expenses to cannabis manufacturers
- Reporting requirements for these business expenses
- Brief discussion of the differences between the federal and state tax treatments
Overview of the webinar
As the number of states grow that legalize the sale of cannabis, taxpayers engaged in the production of, and/or sales of cannabis products face challenging questions about the deductibility of the company’s business expenses. In this webinar, we introduce the underlying federal income tax treatment for retailers and for manufacturers of cannabis products. In addition, we introduce the state income tax treatment of these business expenses. Finally, we discuss the general reporting rules for deducting these business costs.
Who should attend?
CPAs, Enrolled Agents, Tax Preparers, Small accounting firms, Consultants, and Individuals with a Record of Completion of the Annual filing Season Program.
Why should you attend?
If you are a small business constant or tax professionals providing tax services to taxpayers operating a retail or manufacturing cannabis business, you need to be aware of the tax rules associated with those two forms of businesses. Their rules are significantly different from other forms of businesses since federal law lists cannabis as an illegal controlled substance.
Faculty - Mr.Dr. Anthony Curatola, PhD
Dr. Anthony Curatola’s area of research interest is the taxation of individuals and employee benefits. He has authored over 200 articles in his field and has completed sponsored research. His findings on the source tax have appeared in media such as Forbes, The Washington Post, Wall Street Journal, and The New York Times. He is the editor of the tax column for Strategic Finance, past editor of the Journal of Legal Tax Research, author of Interactive education courses for CeriFi (previously Thomson Reuters). He holds a variety of leadership positions at the Institute of Management Accountants and the IMA Research Foundation. Dr. Curatola earned his B.S. in Accounting ’75 and MBA in Finance ‘77 from Drexel University, M.A. in Accounting ’79 from The Wharton School of the University of Pennsylvania, and Ph.D. in Accounting ‘81 from Texas A&M University.