In this session, we will explore the evolving landscape of cannabis taxation and regulation, with a focus on practical strategies to help cannabis businesses maximize legitimate tax savings under IRC §280E. We’ll begin with a clear explanation of §280E and the landmark court case that led to its enactment, setting the stage for understanding its ongoing impact on the cannabis industry.
We will then dive into IRC §471(c) and discuss how it can be strategically applied to efficiently allocate more deductible costs, helping businesses improve cash flow and profitability while staying compliant. The session will cover proven strategies to strengthen deductions that can stand up to IRS scrutiny, with tailored guidance for cultivators, manufacturers, and retailers.
Additional topics will include Form 8300 compliance, the risks of using management companies, optimal entity structures, and practical financial examples illustrating the tax differences between cannabis and non-cannabis businesses.
Finally, we’ll look ahead to the post-rescheduling era, highlighting the tax credits and planning strategies cannabis companies should be preparing for now to capitalize on future opportunities.
Sandy Suchoff; CPA & Founder, The Canna CPA’s
Sandy Suchoff CPA is the founder of The Canna CPAs ( Lefstein-Suchoff CPA & Associates, LLC ) which was formed in 1997. She has been featured on FOX News and MSNBC as a tax advisor, and has appeared on podcasts, in newspapers and is currently co-authoring a book on tax planning strategies with an emphasis on cannabis tax. In addition to being a licensed Certified Public Accountant, Sandy Suchoff CPA is also a Certified Tax Planner, QuickBooks ProAdvisor, and Certified Tax Resolution Specialist.
She is a national speaker on 280E for shows such across the country and has been on Cannabis Radio. Purple Haze Radio, & writes articles for magazines such as the National Marijuana News on 280E tax & accounting.
In response to a family member’s health condition, Sandy Suchoff CPA researched the endocannabinoid system and learned how phytocannabinoids in the cannabis plant could treat a myriad of health conditions with a high level of efficacy. Sandy Suchoff CPA combined her passion for the cannabis plant and her love for tax and accounting, and commenced catering her practice to the cannabis space.