Federal Income Taxation of Cannabis Businesses 2024
4.00 Credits
Member Price $159
Non-Member Price $209
Overview
CPAs and industry professionals need to stay current on the evolving Federal income tax law applicable to cannabis. At least eighteen states-including California-and the District of Columbia allow legalized cannabis sales, and many more enable medical cannabis sales. Attendees will become familiar with the rules and challenges that affect this growing industry to serve clients best.
Highlights
- Income taxability
- Restrictions on expense deductibility
- Application of capitalization rules
- Ethical and non-tax legal constraints
Prerequisites
None
Designed For
Tax practitioners and financial professionals.
Objectives
- Identify the primary legal and tax changes affecting businesses
- Determine the effects of correctly reporting cannabis sales for federal income tax purposes
Preparation
None
Leader(s):
Leader Bios
David Clark, CalCPA Education Foundation
David J. Clark, JD, CPA, has extensive experience in all facets of tax law with particular emphasis in real estate, family-owned businesses, and complex estate and trust arrangements. His clients appreciate his depth of understanding of the Internal Revenue Code and his practical approach to structuring complex transactions. During Mr. Clark’s nine years at Arthur Andersen & Co., his largest clients were closely held corporations involved in the real estate industry, their shareholders, related entities and family members. Since leaving Arthur Andersen & Co., he has been involved in a number of projects inside and outside the United States for both private and governmental employers. Mr. Clark is a Commissioner from California to the National Conference of Commissioners on Uniform State Laws (NCCUSL), also known as the Uniform Law Commission (ULC). He is active in the American Bar Association (ABA) Section of Taxation. He is currently a partner in the Novato CPA firm of Boerio, Clark & Associates CPAs, LLP.
Non-Member Price $209
Member Price $159