Cannabis Tax and Accounting Rules
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Speaker : CHARLES K. MONTECINO
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When : Tuesday, June 03, 2025
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Time : 01 : 00 PM EST
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Charles K. Montecino, CPA, CTRS
Charles
K. Montecino, is a Certified Public Accountant and Certified Tax
Resolution Specialist. He has significant experience in helping clients
solve their IRS problems, and clients say he does it with patience and,
as one client put it, “without making me feel dumb.” In 2008 he received
the Top Practitioner Award from the American Society of Tax Problem
Solvers.
He is also known as “The Tax Problem Solver” because he solves tax problems!
He
works with taxpayers that for various reasons find themselves at odds
with the Internal Revenue Service. He regularly works with those that
have unfiled returns, unpaid balances, payroll tax issues, innocent and
injured spouse issues and those under audit.
He
has spent his 40 plus years career in public accounting, and over 35 of
them running his own firm. He has been a tax resolution specialist for
over 25 years. He is a licensed CPA in New Jersey and is also a CGMA,
Chartered Global Management Accountant. He serves on the Cooperation
with IRS Committee and the Cannabis Special Interest Group with the New
Jersey Society of CPAs. He is a member of the American Institute of
CPAs, New Jersey Society of CPAs, and The American Society of Tax
Problem Solvers.
What will be covered includes:
- Internal Revenue Code (IRC) Section 280E, the most important section in preparing tax returns for the legal cannabis industry
- How do you make the necessary allocations to your accounting system for IRC 280E, IRC 263A, and IRC 471?
- The implications of Chief Counsel Memorandum 2015-4011
- The differences in legal cannabis industry tax returns as they relate to audits, collections, appeals, and litigation
- The basic requirements for filing Form 8300 include compliance and data collection
- How to correct incorrectly prepared books by making the necessary allocations for IRC 280E and then preparing the tax return?
- How to setup up your accounting system properly so you won’t run afoul of the IRS?
- The best legal structure for the business entity
- Is a management company needed
- Banking rules and regulations
- Completed sample tax returns
Areas Covered
Areas to be covered include:
- Basic definitions
- Basic tools
- Choice of entity
- Management companies
- Tax law
- Accounting concepts
- Internal controls
- Section 280E
- Cost of goods sold
- IRS audits
- Banking rules
- Court cases
- Sample tax returns for cannabis entities
Who Should Attend
- Certified Public Accountants, Enrolled Agents, and Attorneys who practice in the area of Cannabis tax and accounting or want to add it to their practice
Why Should You Attend
There are 44 states that allow cannabis in some form. Whether it is medicinal, recreational, or just CBD oils. The IRS rules for Federal Taxation of the Cannabis Industry are very complex.
Most expenses of the business are not allowed in computing taxable income. Only the cost of goods sold is allowed to be deducted. This course will teach you how to properly classify the expenses on the tax return in order to minimize the tax burden. It will also discuss the best tax entity for the cannabis business. You will also learn strategies to properly classify the expenses and make the tax return audit-proof.
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$160.00
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