The first part of this program is a must to keep CPAs, accountants, and financial professionals on top of the changes they need to know to be effective. The course authors evaluate and emphasize those changes with broad application and develop detailed practical guidance and illustrations.
The second part will cover accounting, auditing and tax considerations specific to the Cannabis Industry. States have been passing legislation that legalized cannabis for medicinal and recreational use, and the producers and retailers in this industry have been growing. Accounting and financial professionals are not 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.
DESIGNED FOR
Accounting or financial professional that may work directly or indirectly in the cannabis industry or is interested in learning more about how this recent state legislation is impacting the accounting profession.
BENEFITS
- Apply the provisions of recently-issued accounting, auditing, preparation, compilation, and review pronouncements
- Understand the risks of taking on a client in the cannabis industry
- Recognize state reporting rules and federal reporting rules
- Differentiate between the federal and state filing requirements
- Understand IRC Section 280E and what deductions are and not allowed to a cannabis business
- Apply various state sales and excise taxes that apply to the sale of cannabis
- Recognize why banks won’t allow cannabis based businesses to open a bank account
- Understand the treatment of revenue and inventory, audit considerations and sustainability reporting issues
HIGHLIGHTS
- Relevant accounting standards updates to the FASB codification
- Audit services issues
- Preparation, compilation and review issues
- Types of cannabis related businesses
- Risk considerations for services offered in the cannabis industry
- Recognizing what costs are and not considered costs of sales under IRC Section 280E
- Distinguish if the entity conducts a business separate from the cannabis sales that may allow some deductions aside from cost of sales
- State and federal tax differences
- Cash based business audit considerations
- Financial reporting considerations
COURSE LEVEL
Basic
PREREQUISITES
Basic accounting, auditing, and tax experience.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
Course materials are distributed electronically and we’ve passed the savings along to you - registrants save $20 on all 8-hour seminar pricing. To access the materials visit
My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.