Preparing Tax Returns for the Legal Marijuana Industry

John Sheeley EA will be sharing his expertise across California in this 9 CPE hour tour. This event will occur in Sacramento, California. Also look to your local CSEA chapters in Orange County on 11/29/2017 and San Francisco on 12/1/2017. The legal marijuana industry finds itself in a very unique tax limbo - while the sale of marijuana is legal (but regulated) in many states, marijuana remains a Schedule I narcotic under federal law. As such, the preparation of tax returns for industry businesses is governed by Internal Revenue Code Section 280E and a number of court cases. This course explains the narrow legal exception permitting practitioners to work with clients reporting state legal cannabis related income. The course further explores the basics of preparation issues and the application of IRC 280E, 263A and 471 in unison with applicable Tax Court decisions.