Preparing Tax Returns for the Legal Marijuana Industry by Tax Practice Pro Inc (VA) May 15 2019
PREPARING TAX RETURNS FOR THE LEGAL MARIJUANA INDUSTRY
This event is the day AFTER the 2019 NAEA Fly-In, and conveniently at the hotel next door, about 100 feet away!
Program qualifies for IRS credit for enrolled agents, NASBA for CPAs, CTEC for those who need it.. MCLE pending for VA, MD and PA (we are required to re-apply for each event; we have had this program approved in 15 states for MCLE)
Ensuring tax professionals possess the tools to help the industry.
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. Spend the day with us and acquire the tools you need to protect yourself, your practice and your clients.
Material to be covered includes:
- Ethical considerations for EAs CPAs and attorneys entering the industry
- Legal considerations when licensing is valid under state law, but a crime under federal law
- IRC Section 280E and the intersection with IRC 263A and IRC 471
- Chief Counsel’s Advice 201504011
- Best practices for legal structure in the industry
- Form 8300 compliance and how it affects the Cannabis industry
- Using form 8300 compliance to attract clients
- New material — your client as a passive investor
- A detailed tax return simulation from establishment of the entity through closing.
- Important changes related to taxation of CBD and Hemp
- Effect of the Alterman and Harborside Tax Court decisions on the industry.
- Get your questions answered!
SLEEPING ROOMS: There is a room block until April 12, 2019 for $259 per night. Call 800-321-2211. Identify yourself as part of the “Tax Practice Pro” group.
PARKING: Parking is available for the day, subject to a fee, and is NOT included in your fee.
NOTE: The program runs from 8 am until 5 pm, which allows for 9 CE, lunch and breaks. The room opens at 7 am for coffee and registration. Lunch, breaks and beverages are include in the registration. Please let us know in advance of any dietary requests.
QUESTIONS OR NEED HELP? Call us at 800-943-1750.
OUR REFUND, TRANSFER and CANCELLATION POLICY: Full refund, less $25 processing fee, if requested 21 days or more before the event. 50% refund if requested 8-20 days before event. No refund if requested less than 8 days from the event. Requests must be in writing and sent to firstname.lastname@example.org. We can honor a transfer to the same course at another venue. The following fees apply: $25 if the transfer is requested 21 days or more prior to the event you are registered for. A 50% fee is applied if you request the transfer 8-20 days before the event you are registered for. No transfers can be accommodated with less than 8 days of notice from the event you are registered for (effective 11/21/2015).
John Sheeley, EA
Chester, New York based John Sheeley, EA began his career in the tax industry in 1987, passing the IRS special enrollment exam in 1995. His career includes 13 years as a multi-unit franchisee of a national tax firm and 5 years as a tax manager at a regional CPA firm in New York. A National Tax Practice Institute fellow, John completed his undergraduate education at the State University of New York at Oswego.
John formed his current tax services firm in 2008, with a focus on the tax and representation needs of U.S. citizens living abroad, and non‐resident alien entrepreneurs and entertainers living and working in the United States. The Firm prepares the occasional cannabis industry and crypto currency tax return.
John is also the founder of Tax Practice Pro, Inc, a national continuing education provider. His current teaching focus centers on taxation of legal marijuana businesses, problems of S corps, and taxation of non-resident aliens and those living abroad. He can be reached at email@example.com