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 Montana Marijuana Business Law 2022: An Online Seminar Series series.
This program may qualify for up to 2.0 hours of self-study CLE credit by the Montana Commission of Continuing Legal Education, including 0.0 hour of ethics. No more than 5.0 hours of self-study CLE credit may be earned during a reporting period.
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.
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