Read the full article at Marijuana Industry News.
The Arkansas Cannabis Industry Association is pleased to announce their Tuesday, September 5th Medical Cannabis Federal Taxation Seminar at the Comfort Inn & Suites Presidential from 6-7pm.
Featuring Little Rock native Sarah A. Vestal, PhD, a revenue agent with the Internal Revenue Service with a specialty in cannabis taxation, this critical event will educate prospective dispensary and cultivation facility applicants on the ins and outs of IRS code 280E and will provide examples of how the IRS actually conducts audits of cannabis businesses.
Robert J. Clock, CPA, an Arkansas accountant on the board of the ACIA, will talk about the implications of 280E from the tax accounting perspective.
The IRS 280E statute is a major hurdle for cannabis businesses when tax time comes around because it states that only expenses that are considered Cost of Goods Sold (COGS) are able to be deducted for federal income tax purposes. This can lead to much higher federal income tax burdens when compared to normal, non-cannabis businesses.
