Accounting, Auditing, and Tax Considerations for the Cannabis Industry
4.00 Credits
Member Price $159
Non-Member Price $209
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.
Prerequisites
Basic auditing, accounting, and tax experience
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.
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
Preparation
None
Leader(s):
Leader Bios
Kenneth Heaslip, Kaplan Financial Education
Kenneth Heaslip, MS, MBA, CPA, CGMA, is a discussion leader and group practice leader in professional ethics for Loscalzo Associates Ltd. He is a frequent speaker in all areas of accounting and taxation as well as careers in accounting. He has served as vice president of the NJSCPA and Secretary of their Scholarship Fund. He is an active member of several Society committees in taxation and student affairs and is currently the chair of the State Educators Committee. A past President of the Essex Chapter of the NJSCPA, as well as Trustee of the State Society, Kenn is a Director at Leaf, Saltzman, Manganelli, Tendler, & Miele LLP in Fairfield, NJ, a regional CPA firm. Kenn is also an Associate Professor of Accounting at Bloomfield College. He previously was an Executive in Residence at Seton Hall University where he was the students’ choice as ?Educator of the Year? two years in a row. He taught in the Executive MBA program at Rutgers University and has been with Becker CPA Review since 1983. Until 1998, Kenn was the National Director of the Becker CPA Review Course, where he was responsible to oversee and train over 350 instructors as well as be the lead editor of the course materials. Kenn lectured extensively throughout the United States, as well as in Canada and Asia.
Non-Member Price $209
Member Price $159