Description:

Cannabis is a multibillion-dollar industry. Many states have passed legislation legalizing either medical or recreational use of cannabis, or both. However, because it remains an illegal drug at the federal level, tax preparation isn’t straight forward. With this textbook, you will gain a basic understanding of the issues unique to accounting for illegal activities such as the cannabis industry. It reviews the cash nature of the industry, the reporting limitations for illegal activities and the restrictions on deducting certain types of expenses. Learn the difference between independent contractors and employees, and tax preparers responsibilities when engaging cannabis clients.

Table of Contents.

Cannabis Businesses covers:

• Identifying why the industry is considered illegal at the federal level even if it is legal at the state level.
• Summarizing why the industry is currently a cash business.
• Calculating cost of goods sold.
• Preparing Schedule C for a cannabis business.
• Recognizing the difference between independent contractors and employees.

Product Details:

Level: Basic level

Author: NATP Staff

Publisher: NATP

Publication Date: 2020

Format: Electronic - 56 pages

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Corresponding CPE Courses:

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Cannabis Businesses Self-Study Course

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