This course is will discuss specific items that may or may not be included in Cost of Goods Sold (the only reduction in taxable income) for the various types of cannabis businesses subject to IRC 280E. It will explore the Regs. 1.471-11, 1.471-3 and 1.471-1(c) as well as guidance from the US Tax Court to help answer those client questions, i.e., "can I deduct interest on my hard money loan?".
This course qualifies for 1 NASBA & 1 IRS CE Credit.
IRS Program #: 7Q3WU-T-00226-21-O
This course is part of a monthly series "Out in the weeds of weed taxation" offered the 2nd Friday of each month at 4:00pm (EST) and is available on-demand.
Brian is a Veteran of the nuclear Navy and co-founder of MJ Mastermind. His outsourced CPA/CFO firm levels the playing field for medium sized cannabis businesses in all verticals throughout 9 states. He is the author of "Cannabis Entrepreneur's...
Steven is an Amazon author on cannabis accounting and taxation with MJ Mastermind. Steven has 27 years of accounting experience in major corporations, such as Ford Motor and Shell Oil Companies, and currently operates his CPA/CFO firm serving...
Tax Practice Pro, Inc., is a nationwide provider of live and webinar based continuing education. You can call us at 800-943-1750. Our website is www.taxpracticepro.com. You can e-mail firstname.lastname@example.org. For CE/CPE certificates or related issues, Nicole@taxpracticepro.com