Cannabis 305: Tax Strategies - Building the Strongest Tax Toolbox for Cannabis Businesses
July 29, 2020
Duane Morris and CohnReznick will be hosting the July 29 webinar, "Cannabis 305: Tax Strategies – Building the Strongest Tax Toolbox for Cannabis Businesses," from 12:30 p.m. to 1:30 p.m. Eastern.
About the Program
As cannabis businesses navigate the complexities of state and federal regulations for products and services, they should also be aware of the wide range of tax and financial reporting implications. Even as many states have legalized adult-use and medical cannabis, it remains on Schedule I of Controlled Substances Act. The federal Internal Revenue Code Section 280E prohibits deductions and credits for businesses and activities that fall under Schedule I. While 280E tax expense mitigation is a major focus of many cannabis companies, they also must consider the impact to risk and business valuation. Our panel of tax professionals will provide guidance and strategies for cannabis businesses to maximize saving opportunities and minimize risk. Topics to be discussed include:
- Section 280E – Achieving balance between maximizing tax efficiencies and minimizing risk
- Preparing for federal tax examinations
- Update on current tax litigation, litigation risks and mitigation
- Preparing for due diligence; financial statement audit process
- Tax structuring considerations; entity selection and planning for the future
- Michael Schwamm, Partner, Duane Morris LLP
About the Program
The Duane Morris Cannabis Industry Group returns with its series of webinars reviewing issues and developments affecting the cannabis industry. Each session will feature a specific topic, discuss the legal and business implications and provide insight on key matters.
CohnReznick is ranked among the largest accounting, tax and business advisory firms in the United States. With a team of more than 2,400 professionals and an extensive footprint in 26 cities worldwide, the firm can effectively mobilize to serve clients on a local, regional, national and international basis.