On Demand

Cannabis Taxation: Preparing Your Client for the IRS Audit Ramp-Up


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Category:
Tax Law
Faculty:
David Ruskin |  Nick Richards |  Katye Maxson-Landis |  Jessica Velazquez
Duration:
1 Hour 21 Minutes
Format:
Audio and Video
License:
Access for 6 month(s) after purchase.



Description

The IRS has started to staff their cannabis audit team, which portends a ramp-up of audit activity in the 2020 year and beyond. Simultaneously, we are seeing an uptick in state-level tax audits for cannabis industry market participants. Learn how to advise your clients to avoid additional scrutiny on the front end, how to prepare for an audit, and how to position your client for success post-audit. The panel will also take a look at novel state-level tax issues, such as a potency tax, and how that changes the bottom line for our clients.

Credits


General

This program is eligible for 1 hours of General CLE credit in 60-minute states, and 1.2 hours of General CLE credit in 50-minute states. Credit hours are estimated and are subject to each state’s approval and credit rounding rules. 

INCBA webinars are eligible for credit in the following states: AR, AL, AK, AZ, CA, CO, CT,DE, GA, HI, IL, IN, MN, MS, MO, NV, NH, NJ, NM, NY, NC, ND, OH, OR, PA, TN, TX, UT, VT, WV, and WI . Additional states may be available for credit upon self-application by attendees. States typically decide whether a program qualifies for MCLE credit in their jurisdiction 4-8 weeks after the program application is submitted. For many live events, credit approval is not received prior to the program.

INCBA on demand programs are eligible for credit in the following states: AR, AL, AK, AZ, CA, CO, CT,DE, GA, HI, IL, IN, MN, MS, MO, NV, NH, NJ, NM, NY, NC, ND, OH, OR, PA, TN, TX, UT, VT, WV, and WI . Additional states may be available for credit upon self-application by attendees. States typically decide whether a program qualifies for MCLE credit in their jurisdiction 4-8 weeks after the program application is submitted.

For current accreditation status, please select your jurisdiction below.



Handouts

Faculty

David Ruskin's Profile

David Ruskin Related seminars and products

Attorney

HMB Legal Counsel


David is a partner with the Chicago-based law firm, HMB Legal Counsel.  After 25 years of litigating business and tax disputes for companies ranging from start-ups to publicly traded, David turned his full energy to focus on providing legal counsel to the cannabis industry in 2016, representing entrepreneurs, investors and business owners, both plant touching and ancillary trades.

David helps his clients navigate unsettled and differing laws and regulations and industry-specific legal developments. David enjoys guiding clients through the life cycle of cannabis operations, starting with the regulatory maze for state licensing of cannabis businesses followed by the myriad of general and regulatory counsel needs during the course of the company’s life, from start-up issues through sale events and the multitude of legal challenges between. David has been successful in securing licenses in various states for clients, with the help of his HMB Legal cannabis team. David’s many years of litigating business and tax disputes around the country helps him with strategic proactive counseling.

Known as an excellent listener, David’s approach is time-efficient and focused on getting to the client’s business goals. Ultimately, David’s biggest satisfaction comes from moving the cannabis industry forward as a whole, whether that is directly through his clients or making introductions within his wide network of cannabis friends and partners. To that end, David co-founded CannaMatch in 2021, for the purpose of matching newly licensed growers, processors and retailers with the numerous industry service providers in an organized, efficient and confidential fashion. Many other hours he spends active with the International Cannabis Bar Association, the Illinois Cannabis Bar Association and the Illinois Craft Cannabis Association…when not with his family, golden-doodle, and enjoying live music.


Nick Richards's Profile

Nick Richards Related seminars and products

GM Law


Nick Richards is a Partner in the Tax practice group at Greenspoon Marder LLP. He represents individuals and businesses in tax audits, trials, in managing tax debt, and he advises cannabis companies, owners and investors regarding tax and regulatory compliance matters. Mr. Richards has been a tax attorney for more than twenty years beginning his career with the IRS where he was a leading trial attorney, a Chief Counsel advisor, and a Special Assistant United States Attorney.


Katye Maxson-Landis's Profile

Katye Maxson-Landis Related seminars and products

Moxy Accounting


Katye Maxson-Landis is irreverent, inquisitive, and professionally skeptical of just about everything. She received her Certified Public Accountant (CPA) credential in 2011 after working in the salt mines of public accounting for 7 years as an auditor and staff accountant and as a bookkeeper for 10 years before that. She is a problem solver, unafraid of a challenge and is hated by her therapist’s Pomeranian. She’s loyal, generous, interested in advancing the application of accounting for the Cannabis industry to a gold standard and prolific in the art of using colorful colloquialism.


Jessica Velazquez's Profile

Jessica Velazquez Related seminars and products

Indiva Advisors


Jessica Velazquez is a Certified Public Accountant (CPA) licensed in Illinois & Nevada and Managing Partner of Indiva Advisors LLP, a full-service CPA firm for cannabis and
hemp businesses. 


Jessica assists business owners navigate through unique accounting, tax, and financial
industry challenges. She brings with her a wide array of experience, working with closely
held businesses as well as publicly traded multinationals, across a variety of industries such as gaming, retail, and manufacturing.


Jessica hails from traditional business, having worked for public accounting firms
Pricewaterhouse, Coopers and Ernst & Young, as well as Zappos.com and The Cosmopolitan of Las Vegas. In 2014, Jessica started her own practice with an emphasis on income tax planning and strategic business consulting for closely held companies.
Jessica is Indiva Advisors’ main authority on 280E and general tax matters for individuals,
partnerships, and corporations. She represents clients in federal audit and collection cases
and has a wealth of experience with state and local tax matters. She enjoys problem-solving and working with clients to achieve their tax and business goals.


Jessica holds a Master of Science in Taxation degree from DePaul University and a
Bachelor of Science in Accounting from Southern Illinois University. She is actively involved in several professional organizations such as the American Institute of Certified Public Accountants and the National Association of Tax Professionals.


In her free time, Jessica loves to read, travel, and spend time with her family. She is also a
Jeopardy and NPR junkie.


Phone : 1-833-880-0420
Email : Jessica@IndivaAdvisors.com
Experience : 19+ Years


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