Ep. 78: IRS Audits, 280E, and Tax Laws: Legal Insights from a Cannabis Lawyer -- with Rachel K. Gillette

In the Cannabis industry, it’s not a matter of if a Cannabis company will undergo an audit but when. As an accountant, it’s your job to understand the fundamentals of accounting and tax laws and regulations to help your clients have the best possible chance to survive the critical eye of the IRS.

Fortunately, the more you know and the better you can provide world-class, niche-specific accounting to these Cannabis CEOs, the better you can help them safeguard against legal consequences.

For this podcast, we’ve gone straight to the source to offer you support in strengthening your understanding of Cannabis tax laws. Rachel K. Gillette, Cannabis attorney and partner at the Cannabis industry group Holland and Hart, sat down with Andrew Hunzicker, CPA to discuss insider information regarding Cannabis tax codes, recent court cases, and how accountants support their clients.

Topics they discuss include:

The industry’s most misunderstood or misinterpreted tax laws: 280E and Section 471 go hand-in-hand to help Cannabis companies determine which deductions can be claimed, although a great majority of Cannabis companies and accountants don’t understand how to legally lower the tax burden

How Cannabis accountants can keep their clients compliant: the only way accountants can help their Cannabis clients stay out of hot water with the IRS is through proper niche-specific accounting practices and understanding the fundamentals of each tax code (we delve into what every accountant should know who intends to serve clients in this industry)

An outlook on current and future tax court cases: learn what the IRS is looking for in audits and why the federal government in winning most 280E-related cases (and strategies accountants should adopt to help clients survive audits)

For more info on Rachel’s law firm and how she can advise you as you learn to serve Cannabis clients, visit https://www.hollandhart.com/rkgillette.

For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr

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