Decoding 280E and Current Developments

YouTube Excerpt: Please join us as we discuss the underpinnings of section 280E and how it is currently functioning in our tax system. We will discuss the position that Gonzales v. Raich is no longer good law and Section 280E does not apply to the current cannabis industry, the intersection of the 471(c) accounting method and Section 280E, and the possibility that past Section 280E costs may be deducted with rescheduling. As seen in some of the national cannabis trade publications [mjbizdaily.com], multiple MSOs have filed amended returns for their medical cannabis business operations with the hope of 280E tax refunds. This webinar works to better understand those return/refund scenarios and how they might possibly apply to cannabis business. Meanwhile, the Section 471(c) method has been in use for a few years and this webinar will discuss the mechanics of the method along with current developments. ***This webinar is not eligible for CPE credit Upon completion of this webinar, you will have a better understanding of: • The current battle to prove that Section 280E is not applicable and how to protect your ability to benefit should it be successful • The legal underpinning of Section 471(c) and how it is being used by the cannabis industry and viewed by the IRS • The potential to recover past 280E costs after rescheduling Facilitators and Presenters: • Guillermo Rodriguez, Virtual CFO, Summit Virtual CFO by Anders • Nick Richards, Tax Attorney, Partner, and Co-chair of the Cannabis Law Practice Group at Greenspoon Marder, LLP • For details on our upcoming webinars, visit: https://www.summitcpa.net/vcfo-community • Check out our Summit Virtual CFO by Anders website: https://www.summitcpa.net/ • Find out more about the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/

Please join us as we discuss the underpinnings of section 280E and how it is currently functioning in our tax system. We will discuss the position...

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