Originally Published

Mid-year Webinar Series | December 8, 2021

Speaker

John Sheeley, EA

Description

This webinar will provide a brief overview of the potential impacts of IRC 471(c) on cannabis taxation.  It compares 471(c) to the previously prescribed regulations for a cannabis business operating under the IRC 280E regime. The program takes into consideration the 471(c) Final Regulations published 1/5/2021.

This program discusses the impact of cost of goods sold (and income tax) calculations with and without correct application under IRC 471(c). The program seeks to help the participants make informed decisions and elections with their taxpayer clients.

Learning Objectives

• Understand IRC 471(c) as it applies to the legal cannabis industry
• Be able to determine if IRC 471(c) is appropriate for a taxpayer
• Interpret the final IRC 471(c) regulations released on January 5, 2021
• Make informed determinations with respect to the applicability of IRC 471(c)

Learning Level

Basic

Prerequisites

None

Advance Preparation

None

CE Credits

IRS/CTEC: 2 hours Federal Tax Law

Refund Policy

No refunds will be granted for self-study courses.