California Marijuana Business Law 2021 - Section II: Business & Tax Planning

Entity Selection, Structural Techniques, IRC § 280E Implications, Recordkeeping, Audits and More

Advising a business that technically traffics 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.

Agenda

All times are shown in Pacific time

• Tax Planning for Marijuana-Related Businesses
  1:00 - 2:00, Bruce T. Andersen
  • 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
• Business Planning, Entity Selection and Structural Strategies
  2:00 - 3:00, Lance Rogers
  • 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