Entity Selection, Structural Techniques, IRC § 280E Implications, Recordkeeping, Audits and More
Advising a business that technically trafficks in controlled substances can get pretty complicated from a tax and business planning perspective. You can't deduct anything apart from costs of goods sold, which has big implications for ongoing operations and entity selection. And if there's one industry where asset protection is a priority, you've found it. This course will focus on business and tax planning techniques for marijuana-related businesses. Discover tactics that work, red herrings that don't and get practical tips to protect your clients - register today!
Clarify the implications of Internal Revenue Code § 280E case law on tax planning, accounting and entity selection.
Get practical strategies for recordkeeping, audit defense and overcoming state taxation challenges.
Identify asset protection and business structuring techniques in the cannabis industry.
This course is part of the Missouri Marijuana Business Law 2021: An Online Seminar Series series.
MIKE GORAL leads Armanino LLP's cannabis tax group. A tax professional since 1989, he has significant experience in federal, state and local tax from both an accounting and legal perspective. He spent time with multiple Big 4 firms, including serving in KPMG's Washington National Tax Office, and has worked with cannabis companies both large and small in California, Nevada, Oregon, Washington and Colorado. Mr. Goral advises cannabis clients on a broad range of issues that affect the space, including mergers and acquisitions, loan structuring, and funding mechanisms from venture capital, private equity and investment banking. He provides guidance on cannabis technology, manufacturing, transportation and retail issues, and literally wrote the book on cannabis taxation for Thomson Reuters. Mr. Goral is the contributing editor of Cannabis Taxation a 250-page treatise for Thompson Reuters discussing the 33 states that tax cannabis sales. He is a member of the California Society of Certified Public Accountants, the National Cannabis Industry Association and the California Cannabis Association, which nominated him for their CPA of the Year award for 2019. Mr. Goral holds a B.S. degree in mathematics and psychology from the University of Alabama, a J.D. degree from Cumberland Law, and a Masters of Tax Law from Emory Law School.
ROBERT HAGGERTY, CPA, is a partner in Armanino LLP's tax practice and has more than 25 years of public accounting and industry experience, including extensive experience in the retail and real estate industries. His expertise in tax strategy, tax controversy, accounting for income taxes, tax accounting methods, inventory, partnerships, real estate, 1031 exchange programs and fixed asset matters makes him an invaluable resource for his clients. Prior to joining Armanino, Mr. Haggerty was partner in charge of Brown Smith Wallace's tax practice and led the real estate, and cannabis and hemp industry groups. He also has prior experience leading the St. Louis tax practice for CBIZ MHM, LLC, where he served partnerships, C corporations, S corporations, NPOs and individuals in the real estate, wholesale, retail, restaurant, manufacturing, health care and professional services industries. Mr. Haggerty earned his B.S.B.A. degree in accounting from the University of Missouri - St. Louis.
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