CPE Webinars

Accounting, Auditing, and Tax Considerations for the Cannabis Industry (January 21, 2021, 1:00 - 4:30 PM CST)

States have been passing legislation that legalizes cannabis for medicinal and recreational use, and the producers and retailers in this industry have been growing. Accounting and financial professionals are now tasked with navigating the often contrary state and federal laws. With cannabis being classified as a Schedule 1 controlled substance under the Federal Controlled Substances Act of 1970 and subject to federal prosecution, can CPAs offer services to clients that operate in this industry? If the CPA does offer services, what are the major tax issues (federal and state) that impact this industry? This course will answer these questions as well as provide the guidance that accounting professionals need to know to offer services in the cannabis industry.

Designed For...

Any accounting or financial professional that works directly or indirectly in the cannabis industry or is interested in learning more about how this recent state legislation is impacting the accounting profession.

Learning Objectives:

Participants will be able to:

  • Define the risks of taking on a client in the cannabis industry
  • Recognize state reporting rules for a cannabis business
  • Recognize federal reporting rules for a cannabis business
  • Properly account for a cannabis business
  • Identify and implement appropriate internal controls for a cannabis business
  • Differentiate federal income tax issues between ordinary business and a cannabis business
  • Use knowledge of IRC Section 280E to determine what deductions are not allowed for a cannabis business
  • Identify and apply various state and local tax issues that apply to the sale of cannabis



Speaker / Author:

Edward K. Zollars, CPA is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He is also a discussion leader with Loscalzo Institute. He has been in practice for over twenty-five years, specializing in tax issues for closely held businesses and individuals.

Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section’s representative on three occasions to the AICPA’s Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop’s Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs.Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010.

Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA’s Accountants Forum in the mid 1990s.

He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.

Software & Hardware Requirements:

  • 56k or Greater Internet Connection

Price (USD)

Standard: $120.00

Details

Course Code : ACE-19067_LZ

Course Level : Basic
Course Type : Group Internet-Based
Format Type : Webinar
Field Of Study : Accounting
Field Of Study : Auditing
Field Of Study : Taxes


Event Date : 01/21/2021 01:00 PM

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