Montana Marijuana Business Law 2022 - Section II: Business & Tax Planning

Agenda / Content Covered

1. Tax Planning for Marijuana-Related Businesses
   10:00 — 11:00, Rachel Wright
   • Deduction and COGS Challenges: IRC § 280E, Champs and Subsequent Case Law
   • IRC § 280E Case Studies
   • Accounting, Inventory and Cost-Allocation Methods
   • Tax Planning Strategies and Issues Presented by 199A
   • State Tax Implications, Ownership and Licensing Issues
   • Recordkeeping and Audit Defense
   • Overcoming the Difficulties of Dealing in Cash
2. Business Planning, Entity Selection and Structural Strategies
   11:15 — 12:15, Jim Marty
   • What IRC § 280E Means for Entity Selection; S Corps and Loughman v. Commissioner
   • Entity Pros and Cons in the Marijuana Industry
   • Forfeiture and Liability Issues
   • Asset Protection Techniques
   • Drafting Strategies for Formation Documents
   • Structuring Affiliated Entities/Separate Businesses

Accreditation Details:

Jim Marty , CPA/ABV, MS has been a CPA in the Denver Metro area of Colorado since 1984. His current firm, Bridge West LLC has offices in Longmont and Cherry Creek. Mr. Marty is accredited in business valuation, certified in financial forensics, and is qualified as an expert witness in jurisdictions in Colorado and California. He has testified in numerous cases since 2003. In 2009, Mr. Marty’s clients asked him to research the marijuana industry for answers regarding renting property to growers and/or dispensaries, opening a dispensary, supplying marijuana to dispensaries and many other issues facing this new industry. In November of 2009, he traveled to San Francisco, California to meet with attorneys and accountants involved in the Champ case and with medical marijuana clients in general. Following that trip he decided to open his practice to the marijuana industry. Mr. Marty has become nationally recognized speaker on marijuana tax, accounting, and banking issues. He has been on Fox Business News, CNBC, and numerous other print and radio media outlets. Mr. Marty now serves more than 100 medical marijuana clients, has assisted in numerous medical marijuana IRS audits, and continues to attend meetings to support and learn about the MMJ industry and the new "recreational" marijuana law passed in Colorado. He earned his Bachelor of Business Administration from the University of Massachusetts and his Masters of Science in the taxation program from the University of Colorado, Boulder.

Rachel A. Wright , MST, CPA, is managing partner with AB FinWright LLP, an accounting, tax, and advisory firm located in Los Angeles, California. Her passion is making complicated tax issues simple to understand for business owners, as well as navigating the tax landscape to find the best solutions for her clients. Ms. Wright enjoys helping clients elevate their businesses and gain confidence that their financial side is being handled so they can focus on operations and sales. Some of the more recent client projects of hers include acting as CFO and controller for many small to medium sized businesses, handling tax audits, and setting up complex books for commercial real estate developers to track transactions across various divisions. Ms. Wright has a Master of Science in taxation (MST) from Golden Gate University and a Bachelor of Science in accounting. She is a certified public accountant in the state of California and is currently pursuing her master's certification in international taxation.