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Sessions | Instructor | Event Registration |

Event Information

Accounting, Auditing and Tax Considerations for the Cannabis Industry Webcast | 4203928A
Date: October 7, 2020
Event Start time: 8:30 AM   End time: 12:00 PM
Location: Webcast

Facility: Webcast Rebroadcast


Member:       $149
Nonmember: $199

CPE Credits:

4.00 CPE: Continuing Professional Education Technical
2.00 AA: Auditing & Accounting

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, 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.


Participants will be able to: • Understand the risks of taking on a client in the cannabis industry
• Recognize state reporting rules
• Recognize 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
• Understand audit considerations
• Understand sustainability reporting issues

Major Subjects:

•    Types of cannabis related businesses • Risk considerations for services offered in the cannabis industry
• Recognizing what costs are and not considered cost of sales under IRC Section 380E
• Recognize 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

Level of Difficulty:

Field of Interest:


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.

Advanced Prep:


Event Notes:
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