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 CPAs
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.”