[WEB4] Accounting, Auditing, and Tax Considerations for the Cannabis Industry

Course Details

Date

Friday, December 11, 2020

8:30am – 12:00pm
(Registration: 8:30am)

Course Number

CANA4

CPE Credit

4.0 hours CPE credit

Instructor

Vendor

Kaplan Financial Education

Prerequisites

None

Description

States have been passing legislation that legalizes cannabis for medicinal and recreational use, and the producers and retailers in this industry have been growing. Accounting and financial professionals are now tasked with navigating the often contrary state and
federal laws.

With cannabis being classified as a Schedule 1 controlled substance under the Federal Controlled Substances Act of 1970 and subject to federal prosecution, can CPAs offer services to clients that operate in this industry? If the CPA does offer services, what are the major tax issues (federal and state) that impact this industry?

This course will answer these questions as well as provide the guidance that accounting professionals need to know to offer services in the cannabis industry.

Highlights

  • SSARS Clarity Project
  • Preparation of financial statements
  • AR-C Sections 60, 70, 80, 90 and 120
  • Compilation performance requirements
  • Review performance requirements
  • How to document and perform compilations and reviews
  • Special purpose frameworks financial statements - what they are and when they can be used
  • Legal liability concerns and issues
  • How to perform and document analytical procedures appropriately, including developing expectations
  • Independence and AICPA Code of Professional Conduct
  • Non-attest services
  • Common issues raised in peer reviews

Objectives

Participants will be able to:

  • Understand the risks of taking on a client in the cannabis industry
  • Recognize state reporting rules
  • Recognize federal reporting rules
  • Differentiate between the federal and state filing requirements
  • Understand IRC Section 280E and what deductions are and not allowed to a cannabis business
  • Apply various state sales and excise taxes that apply to the sale of cannabis
  • Recognize why banks won't allow cannabis based businesses to open a bank account
  • Understand the treatment of revenue and inventory
  • Understand audit considerations
  • Understand sustainability reporting issues

Designed For

Any accounting or financial professional that works directly or indirectly in the cannabis industry or is interested in learning more about how this recent state legislation is impacting the accounting profession

Course Pricing

Early Registration Member Fee

Applicable if you are a HSCPA member in good standing and register by December 4, 2020.

$150.00
Member Fee

Applicable if you are a HSCPA member in good standing.

$200.00
Early Registration Non-Member Fee

Applicable if you are not a HSCPA and register by December 4, 2020.

$300.00
Non-Member Fee

Applicable if you are not a HSCPA member.

$350.00
Your Price $300.00

CPE Choice

Learn more about CPE Choice.
This course does not qualify for CPE Choice.

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