On March 5, 2021, Lawrence Sannicandro moderates a panel entitled “Cannabis Is Going National – Opportunities and Pitfalls” at the FBA Tax Conference.
Description: Through special elections and sweeping legislative efforts, 2020 saw more states legalize the distribution and use of marijuana. In addition, a major piece of federal legislation regarding the legalization of marijuana—The MORE Act (Marijuana Opportunity Reinvestment and Expungement Act) —was introduced in the U.S. Congress. The legal and tax landscape for cannabis companies continues to change and develop and as it does, tax authorities and practitioners are being called on to apply a dizzying area of federal and state tax laws and regulations when grappling with questions of enforcement and compliance. This panel will present a history of the federal and state tax laws that apply to the cannabis industry with a particular focus on Section 280E and the case law developments in this area. The panel will focus on the aftermath of significant tax cases, such as Harborside, and will provide critical insight into the issues facing marijuana-related businesses. The panel will also discuss the interrelation of cannabis and cryptocurrency industries.
• Understanding the historical development of federal law,and in particular, federal tax laws, impacting the cannabis industry (including, the Morris Act).
• A high-level review of the state tax laws and regulation as they relate to the sale and distribution of cannabis products, and how federal laws diverge from the same.
• Understand the IRS focus in audit of cannabis companies including structuring and choice-of-entity issues (i.e., the impact of Harborside).
• Planning considerations in light of latest IRS guidance and case law developments with respect to Section 280E.
• The intersection of cryptocurrency and the cannabis industry.
Moderator: Lawrence Sannicandro, Partner, Kostelanetz & Fink, LLP
Jennifer Benda, Shareholder, Hall Estill
Jonathan Kalinski, Principal, Hochman Salkin Toscher & Perez, P.C.
Guy Ficco, Director of Operations, Criminal Investigation, IRS
Kelley C. Miller, Partner, Reed Smith, LLP
Click here for more information and to register.