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Tuesday, June 18, 2019 Live

Accounting and Auditing Update and Accounting, Auditing and Tax Considerations for the Cannabis Industry (E1906241)

8:30 AM - 4:30 PM EDT

Registration: 8:00 AM EDT

The Wilshire Grand Hotel

350 Pleasant Valley Way
West Orange , NJ 07052

6 CPE Credits in AA
2 CPE Credits in TX
New Location - The Wilshire Grand, W Orange

OVERVIEW

The first part of this program is a must to keep CPAs, accountants, and financial professionals on top of the changes they need to know to be effective. The course authors evaluate and emphasize those changes with broad application and develop detailed practical guidance and illustrations. The second part will cover accounting, auditing and tax considerations specific to the Cannabis Industry. States have been passing legislation that legalized cannabis for medicinal and recreational use, and the producers and retailers in this industry have been growing. Accounting and financial professionals are not 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

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

BENEFITS

  • Apply the provisions of recently-issued accounting, auditing, preparation, compilation, and review pronouncements
  • Understand the risks of taking on a client in the cannabis industry
  • Recognize state reporting rules and federal reporting rules
  • Differentiate between the federal and state filing requirements
  • Understand IRC Section 280E and what deductions are and not allowed to a cannabis business
  • Apply various state sales and excise taxes that apply to the sale of cannabis
  • Recognize why banks won’t allow cannabis based businesses to open a bank account
  • Understand the treatment of revenue and inventory, audit considerations and sustainability reporting issues

HIGHLIGHTS

  • Relevant accounting standards updates to the FASB codification
  • Audit services issues
  • Preparation, compilation and review issues
  • Types of cannabis related businesses
  • Risk considerations for services offered in the cannabis industry
  • Recognizing what costs are and not considered costs of sales under IRC Section 280E
  • Distinguish if the entity conducts a business separate from the cannabis sales that may allow some deductions aside from cost of sales
  • State and federal tax differences
  • Cash based business audit considerations
  • Financial reporting considerations

COURSE LEVEL

Basic

PREREQUISITES

Basic accounting, auditing, and tax experience.

ADVANCE PREPARATION

None

ADDITIONAL NOTES

Course materials are distributed electronically and we’ve passed the savings along to you - registrants save $20 on all 8-hour seminar pricing. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.

INSTRUCTOR

Edward Zollars

Edward K. Zollars, CPA

Tax and Technology Partner

Thomas Zollars & Lynch, Ltd.

Ed is a partner with the firm of Thomas, Zollars & Lynch, Ltd, in Phoenix, Arizona, and specializes in tax issues for closely held businesses and individuals. He has served on committees with the American Institute of CPAs' (AICPA) Tax Section and currently serves on the Arizona Society of CPAs' (ASCPA) legislative tax liaison committee. Ed has published tax podcasts on tax matters and is currently producing the weekly audio and video for the Current Federal Tax Developments podcast on current tax matters for Kaplan Financial Education and the related blog with regular tax updates throughout the week. Along with writing, editing and presenting courses for the past 15 years, Ed has written articles published in Practical Tax Strategies and The Tax Adviser. He is a frequent contributor to a number of online professional tax discussion groups, including the NJCPA Member Open Forum.

PRICING

$279.00 - Member

$379.00 - Nonmember

Event Cancelled

This event has been cancelled.

ADDITIONAL OPTIONS

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