Into the Weeds: A Deep Dive into 280E Cannabis Caselaw

May 27, 2021 | 12:30 pm | 302 | Business / Legal, Finance

The evolving cannabis industry offers exceptional opportunities for growth; however, cannabis businesses also face complex and challenging issues ranging from compliance with changing state and federal regulations to adherence with Section 280E of the IRS tax code. In this highly-regulated industry, we know that confusing accounting and tax laws can make running your business difficult. You shouldn’t have to face these challenges yourself. In this presentation we discuss the financial obstacles cannabis businesses are faced with, and we’re here to help!

Whether you’re a new startup business that needs a little guidance getting up and running, or a larger established cannabis grower, dispensary, or retailer. This presentation will demonstrate the knowledge that a cannabis business owner will need to know about accounting services and tax law cases.

-Best practices and requirements for record-keeping and proper allocation activities per 280E
-History of the 280E
-Accounting Requirements for Cannabis Businesses
-GAAP vs TAX Accounting
-Best practices for business expenses to maximize deductions and lower your taxes
-Demonstrations of cannabis tax law cases and how can we learn from them

ryan milam

Ryan Milam, IRS Enrolled Agent, Certified Tax Strategist, Polston Tax Resolution & Accounting

Ryan Milam was born and raised in OKC and has spent his entire life in Oklahoma. Before joining Polston Tax, Ryan worked at Apple for over 8 years. Ryan decided to apply at Polston Tax after he chose to change career paths and wanted to be part of a well-respected firm.

Ryan takes pride in utilizing a realistic approach that focuses on coming up with solutions that align with individual client’s goals. He utilizes IRS-approved and court-tested advanced tax reduction strategies to help clients save money on their taxes year after year. Ryan goes through rigorous ongoing training and certification process to identify and implement advanced tax reduction strategies. He is passionate about saving his clients’ money when possible!

Ryan continues to utilize his talents by presenting to organizations:
▪ Speaker to the Oklahoma Mortgage Company: presenting the “Secret Gift from the Government”
▪ Speaker to the Creek County Bar Association: presenting “Into the Weeds: A Deep Dive into 280E Cannabis Caselaw”
▪ Speaker to the NAIFA Group of Financial Advisors: presenting the “Secret Gift from the Government”
▪ Speaker at the Cannabis Imp Expo in Chicago, Illinois
▪ Speaker at the CannaCon in Oklahoma City, Oklahoma