Tax Treatment of Cannabis Retailers And Manufacturers
Anthony Curatola is the Joseph F. Ford Professor of Accounting and Tax at Drexel University in Philadelphia. Tony’s area of research is the taxation of individuals, small businesses owners, and retirement income. He has authored over 230 articles in his field and has completed sponsored research for external groups. His findings have appeared in media such as Forbes, The Washington Post, Wall Street Journal, and The New York Times. He is the editor of the tax column for Strategic Finance, and the author of several interactive education courses for Thomson Reuters. He holds a variety of leadership positions in accounting associations, including the Institute of Management Accountants. Dr. Curatola earned his B.S. in Accounting ’75 and MBA in Finance ‘77 from Drexel University, M.A. in Accounting ’79 from The Wharton School of the University of Pennsylvania, and Ph.D. in Accounting ‘81 from Texas A&M University.
As the number of states grow that legalize the sale of cannabis, taxpayers engaged in the production of, and/or sales of cannabis products face challenging questions about the deductibility of the company’s business expenses. In this webinar, we introduce the underlying federal income tax treatment for retailers and manufacturers of cannabis products. Finally, we discuss the general reporting rules for deducting these business costs.
- An overview of the federal rules applicable to the Cannabis Business
- Tax treatment of business expenses to cannabis retailers
- Tax treatment of business expenses to cannabis manufacturers
- Reporting requirements for these business expenses
- Brief discussion of the differences between the federal and state tax treatments
Course Level - Basic and Intermediate
Who Should Attend
Tax preparers, CPAs, Accountants, Financial Planners, Consultants, and Personal Advisors.
Why Should You Attend
If you are a small business constant or a tax professionals providing tax services to taxpayers operating a retail or manufacturing cannabis business, you need to be aware of the tax rules associated with those two forms of business. Their rules are significantly different from other forms of businesses since federal law lists cannabis as an illegal controlled substance.