Canna Legislation Weblog
Register HERE to attend a free panel of specialists directing hashish operators on how you can finest fight the forces of current actions from the IRS.
IRS enforcement is growing and hashish companies ought to be on alert. Hashish companies are accounting for and reporting the outcomes of their operations with gross receipts, value of products bought (COGS), and different deductions similar to different for-profit companies. Nevertheless, so long as marijuana stays a schedule I managed substance underneath federal regulation, these companies should navigate the pitfalls of advanced federal and state tax guidelines.
All gross earnings should be reported from no matter supply it’s derived. Nevertheless, underneath Section 280E, hashish companies cannot deduct lease, wages, and different bills except it’s for COGS, leading to a considerably greater tax price than different corporations on their earnings. This dilemma has been the topic of current tax court docket instances and appeals.
Pay attention as our panel discusses federal and choose state tax guidelines impacting the hashish trade, current tax court docket instances, Part 280E, navigating an audit, and potential legal publicity.
Key Speaking Factors
- Understanding IRS examinations, normally, and how you can put together for it
- Particular audit procedures/methods the IRS is using when auditing a hashish operator
- IRS interviews throughout examination
- Legal publicity
- Scorching points & areas of concern throughout an IRS audit (ex points. 280E, 471(c), possession)
Panelist Audio system
Ani Galyan focuses a part of her observe on tax issues for the hashish trade in California. She is an lawyer and authorized tax specialist by the State Bar of California. As well as, Ani is an authorized public accountant admitted to observe in California. She additionally holds a Masters in Tax Legislation (LL.M). Ani focuses her observe within the space of tax regulation for federal, state and native tax compliance, tax disputes, and tax crimes.
Jonathan Kalinski focuses on each civil and legal tax controversies in addition to delicate tax issues together with disclosures of beforehand undeclared pursuits in international monetary accounts and property and offers tax recommendation to taxpayers and their advisors all through the world. He handles each Federal and state tax issues involving people, companies, partnerships, restricted legal responsibility corporations, and trusts and estates. Jonathan Kalinski additionally beforehand served as an Lawyer-Adviser to the Honorable Juan F. Vasquez of america Tax Courtroom.
Hilary is without doubt one of the premier hashish enterprise and regulatory attorneys in america, and is licensed to observe regulation in California, Washington, and Florida. As chair of Harris Bricken’s Regulated Substances observe group, she helps hashish corporations of all sizes with their hashish associated enterprise and regulatory wants. Hilary was in 2022 named by Chambers as considered one of solely two “Band 1” California hashish legal professionals. Chambers described her as very distinguished and on the slicing fringe of hashish. She additionally has been chosen for the fourth yr in a row as a “top rated business and corporate attorney” by Thompson Reuters Superlawyers (2022).