Register HERE to attend a free panel of specialists directing hashish operators on methods to finest fight the forces of current actions from the IRS.
IRS enforcement is growing and hashish companies needs to be on alert. Hashish companies are accounting for and reporting the outcomes of their operations with gross receipts, value of products offered (COGS), and different deductions similar to different for-profit companies. Nevertheless, so long as marijuana stays a schedule I managed substance beneath federal legislation, these companies should navigate the pitfalls of complicated federal and state tax guidelines.
All gross revenue have to be reported from no matter supply it’s derived. Nevertheless, beneath Section 280E, hashish companies can’t deduct lease, wages, and different bills until it’s for COGS, leading to a considerably larger tax charge than different firms on their revenue. This dilemma has been the topic of current tax court docket circumstances and appeals.
Hear as our panel discusses federal and choose state tax guidelines impacting the hashish business, current tax court docket circumstances, Part 280E, navigating an audit, and potential legal publicity.
Key Speaking Factors
- Understanding IRS examinations, on the whole, and methods to put together for it
- Particular audit procedures/strategies the IRS is using when auditing a hashish operator
- IRS interviews throughout examination
- Felony publicity
- Scorching points & areas of concern throughout an IRS audit (ex points. 280E, 471(c), possession)
Panelist Audio system
Ani Galyan focuses a part of her observe on tax issues for the hashish business in California. She is an legal professional and licensed tax specialist by the State Bar of California. As well as, Ani is a licensed public accountant admitted to observe in California. She additionally holds a Masters in Tax Legislation (LL.M). Ani focuses her observe within the space of tax legislation for federal, state and native tax compliance, tax disputes, and tax crimes.
Jonathan Kalinski makes a speciality of each civil and legal tax controversies in addition to delicate tax issues together with disclosures of beforehand undeclared pursuits in international monetary accounts and property and gives tax recommendation to taxpayers and their advisors all through the world. He handles each Federal and state tax issues involving people, firms, partnerships, restricted legal responsibility firms, and trusts and estates. Jonathan Kalinski additionally beforehand served as an Legal professional-Adviser to the Honorable Juan F. Vasquez of america Tax Court docket.
Hilary Bricken
Hilary is among the premier hashish enterprise and regulatory attorneys in america, and is licensed to observe legislation in California, Washington, and Florida. As chair of Harris Bricken’s Regulated Substances observe group, she helps hashish firms of all sizes with their hashish associated enterprise and regulatory wants. Hilary was in 2022 named by Chambers as one in all solely two “Band 1” California hashish attorneys. Chambers described her as very outstanding and on the reducing fringe of hashish. She additionally has been chosen for the fourth 12 months in a row as a “top rated business and corporate attorney” by Thompson Reuters Superlawyers (2022).