Accounting, Auditing, and Tax Considerations for the Cannabis Industry

Friday, March 28, 2025

Webcast or Webinar, Online

1:00 PM - 4:30 PM (opens at 12:30PM) EST

4Credits

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$159.00 Regular Price

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$209.00 Regular Price

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Course Type: Webcast

Course Code: 24/2127897

Level: Basic

Vendor: California CPA Education Foundation

Field of Study: Auditing, Accounting

Overview:

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, but allowed to be sold in an increasing number of states, what are the major accounting and tax issues (federal and state) that impact this industry? This course will provide the basic guidance that accounting professionals need to know to offer services in the cannabis industry.

Objectives:

• Recognize state reporting rules for a cannabis business • Recognize federal reporting rules for a cannabis business • Properly account for a cannabis business • Identify and implement appropriate internal controls for a cannabis business • Differentiate federal income tax issues between ordinary business and a cannabis business • Use knowledge of IRC Section 280E to determine what deductions are not allowed for a cannabis business • Identify and apply various state and local tax issues that apply to the sale of cannabis

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.

Prerequisites:

Basic auditing, accounting, and tax experience