Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
We’ll cover up-to-date strategies available for cannabis businesses.
Publication Date: February 2024
Topics Covered
- Tax Rules - Schedule I and II controlled substances
- Hope for the future - Reclassifying cannabis to Schedule III
- Choice of entity - Retailers
- Choice of entity - Growers and Processors
- Growers and Processors (and some retailers)
- Growers and Processors - consider capitalizing Category II costs
- QBID (§199A)
- New §471(c) "book conformity" argument
- Uses costs in inventory pool to compute inventory
Learning Objectives
- Identify helpful strategies for cannabis retailers
- Recognize whether cannabis clients qualify for the 20% section 199A QBI deduction
- Identify inventory options available for cannabis businesses
- Identify current legislation that affects cannabis businesses
- Identify an example of a Category 1 cost that must be capitalized
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.