CPAs Serving the Cannabis Industry

 

Gov. Phil Murphy's support of legalizing cannabis has prompted CPAs and other professionals to begin figuring out the ground rules of a potential multibillion-dollar industry. Join the NJCPA's new Cannabis Interest Group to gain information, insights and best practices as we wait for the legislative and regulatory process to play out in Trenton.

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From the NJCPA Focus blog:

The Beginning of the End for IRC Section 280E — The FDA Reschedules (Some) CBD Drugs

by Raymond V. Owens, CPA, tax manager, Citrin Cooperman | Oct 11, 2018
Accountants would be wise to keep their eyes on IRC Section 280E. If this is the beginning of a trend for the Drug Enforcement Agency, perhaps all businesses operating within the medical cannabis space may soon be able to claim exemption from IRC §280E.

Tax Practitioners Need to Analyze Their Own Risk Appetites Before Servicing the Cannabis Industry

by Raymond V. Owens, CPA, tax supervisor, WithumSmith+Brown | Jul 31, 2018
Tax practitioners will have to examine their appetite for risk before serving clients in the cannabis industry. Education on Internal Revenue Codes will allow tax practitioners to best protect themselves from scrutiny as will understanding the calculation of cost of goods sold (COGs).

NJCPA Urges NJ Legislature to Make Tax Code Change if Cannabis is Legalized in New Jersey

Posted: February 13, 2019
If adult-use cannabis is legalized in New Jersey, it is crucial that the state decouples from the federal law governing cannabis — Internal Revenue Code 280(E) — to have a viable cannabis industry.

Democrats Introduce Bills to Legalize and Tax Marijuana at Federal Level

Posted: February 11, 2019
A senator and a representative from Oregon aim to bring state and national cannabis laws into greater alignment.

A New Plan for Taxing Cannabis Could Restart the NJ Legalization Debate

Posted: January 25, 2019
State leaders are now considering a proposal that would tax marijuana by weight, rather than an excise tax on the sale.

Nearly 50 Percent of New Jersey CPAs Say Legalizing Adult-Use Marijuana Would Help the Economy

Posted: January 23, 2019
In a survey conducted earlier this month, 48 percent of the 1,063 NJCPA members who responded said legalizing adult-use marijuana in New Jersey would help the economy, compared to 22 percent who said it would have no impact and 20 percent who said it would hurt the economy.

The Cannabis Opportunity

Posted: January 14, 2019
The risks are lower than many accountants think - and the rewards are greater.

Adult-Use Legalization, Medical Marijuana Expansion Bills Approved in Committee

Posted: November 27, 2018
The State Senate Budget and Appropriations Committee and the Assembly Appropriations Committee approved an adult-use cannabis bill Monday after a standing-room-only hearing that lasted nearly five hours and featured a back-and-forth between pro- and anti-marijuana testimony.

Cannabis Industry Tax Issues Just Got Real

Posted: October 10, 2018
A dispensary owner becomes the first person sentenced for marijuana-related tax crimes.

The CPA's Guide to Getting Started in Cannabis Accounting

Posted: August 10, 2018
Equipped with a specialized skill set and sophisticated financial knowledge, CPAs have the opportunity to enter a burgeoning market — projected to reach an economic impact of $70 billion in the U.S. by 2021 — where they can access a new realm of clients in dire need of their help, not to mention a substantial new source of revenue for their firms.

Big Opportunities in Cannabis Clients, Compliance

Posted: August 2, 2018
Experts demystify the very young and evolving industry, and share advice on how to work with potential clients in the business.