We are going to come right out and express a level of disappointment with respect to the level of information sharing that we observe here from the service providers within this forum that assert that they have accounting and tax expertise. Let’s try an example, how about IRC Sec. 280E. For the most part, all we see is a statement like “we have expertise with IRC Sec. 280E”…full stop. Our website might be the deepest repository of California-centric repositories of information related to accounting, tax, and regulatory compliance for cannabis information on the web…its about 750 pages deep.
I write a column that appears on Cannabis Law Report which is on perhaps one of two or three of the “go to websites” for cannabis legal and tax information. The other two in my view are Canna Law Blog and the Tax Foundation’s Cannabis Page.
I am currently working with the AICPA State Advocacy Team to produce a webinar that will update AICPA’s policy statement on CPA’s providing services to the cannabis industry. We will provide more information as the project evolves.
I thought it would be useful to provide a small set of IRC Sec. 280E articles. - when you peruse the list below, please keep in mind that they are my own work, no links to the work of others or government agency websites…all original thought…which is the stuff you should be paying for when you retain a tax professional [e.g. an attorney with an LLM or a CPA with an MST], not a generic accountant or a bookkeeper. If you have questions on how to vet an accounting or tax professional, we have that covered here.
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IRC Sec. 280E - Comprehensive Analysis - History and Evolution in a California Context
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IRC Sec. 280E Applies To All Cannabis Businesses Not Just Dispensaries
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Missing Opportunity IRC Sec. 280E - Feinberg v. US
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California Cannabis Cultivation as Agricultural Activity [“farming”]
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Cannabis CPA Becomes A Cannibal - which highlights a case where a purported expert in Cannabis Taxation is disqualified by the Tax Court under Rule 702 and the Daubert standards due to SLOPPY RECORDS
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California’s Integrated Regulatory Structure for Cannabis - overview of the overarching regulatory structure that involves twenty-two state agencies.
A repository of a dozen other curated articles related to IRC Sec. 280E can be reached here.
Finally, one shameless plug, an article about my experiences as a very experienced practitioner venturing into tax practice in the cannabis industry in California.
In case anyone hasn’t noticed, you won’t find the word expert used even once by use…and the reason for that is here.
Our goal in providing comprehensive information that most in our business would charge for is two-fold…first its a belief that we benefit from the success of the cannabis industry, and giving back is important. Second, is that we believe that a transparent demonstration of our experience and expertise makes it simple to distinguish been service providers.