• Definition of IRC 280E
• Overview of types of cannabis touching entities
• Edmundson, Champs & Olive tax cases
• GAAP Cost Accounting- necessary compliance for Cost of Goods Sold (record keeping & direct cost strategies)
• Entity structure and tax implications (sample P&L for retail and frow/processing)
• Miscellaneous tax forms (8300)
• Q & A
Knowledge about IRC 280E and the two major related court cases Tax implications and limitations resulting in higher taxes Importance of Record Keeping and delineation of job functions to be able to allocate indirect costs What are GAAP cost accounting and IRC implications
Sandy Suchoff, CPA & Founder, The Canna CPAs
Sandy Suchoff CPA is the founder-principal of The Canna CPAs –voted the #1 Cannabis CPA firm in the country. Suchoff has been featured and interviewed on MSNBC, FOX News, Tune In Business Talk Radio, ONR Oklahoma PBS TV, Chasing News on FOX & WOR, Cannabis Radio, Purple Haze Radio, and Cannabis Tech & Today.
Suchoff has written an article for The National Marijuana News, was featured in a story in Marijuana Venture, was headlined in CPA Trendlines, was interviewed for Snoop Dog’s Merry Jane website, and co-authored a book entitled “Write-off$ to the Rescue,” with a chapter devoted to cannabis tax strategies. Suchoff has been nominated for the California Cannabis Awards in the CPA category, and she was also rated in the top nine accountants in the State of NJ by njbiz.com.
As a renowned national speaker on cannabis tax and accounting, Suchoff has been a speaker numerous times in states all over the country for the MJBIZCON, CWCBE,Lucky Leaf, CannaTech, USCC, RAD Expo, NJBIZ, Indo Expo, NECANN, CannaOne, Athletes In Cannabis, NJ Canna Business, and CannaCon. The Canna CPAs has also hosted its own full day of Cannabis learning events featuring Suchoff along with other speakers. Suchoff is now being sought after to speak at Hemp shows on how to run a more profitable business.
Sandy Suchoff CPA is also a part-time law school student who is currently taking off to write her new book entitled: “How to Run a Profitable Cannabis or Hemp Business.”
Suchoff has written an article for The National Marijuana News, was featured in a story in Marijuana Venture, was headlined in CPA Trendlines, was interviewed for Snoop Dog’s Merry Jane website, and co-authored a book entitled “Write-off$ to the Rescue,” with a chapter devoted to cannabis tax strategies. Suchoff has been nominated for the California Cannabis Awards in the CPA category, and she was also rated in the top nine accountants in the State of NJ by njbiz.com.
As a renowned national speaker on cannabis tax and accounting, Suchoff has been a speaker numerous times in states all over the country for the MJBIZCON, CWCBE,Lucky Leaf, CannaTech, USCC, RAD Expo, NJBIZ, Indo Expo, NECANN, CannaOne, Athletes In Cannabis, NJ Canna Business, and CannaCon. The Canna CPAs has also hosted its own full day of Cannabis learning events featuring Suchoff along with other speakers. Suchoff is now being sought after to speak at Hemp shows on how to run a more profitable business.
Sandy Suchoff CPA is also a part-time law school student who is currently taking off to write her new book entitled: “How to Run a Profitable Cannabis or Hemp Business.”