How Companies are Taxed: Internal Revenue Code s280E


Product contents


Content length: 1h 32m
  1. 01. How Companies are Taxed: Internal Revenue Code s280E
    4 Lessons

    Lesson contents:
    • Accounting Principles in the Cannabis Industry
      This article covers accounting principles in the cannabis industry. It explains Section 280E of the Internal Revenue Code, which restricts what can be deducted on a cannabis company's federal taxes. The article also covers options to secure funding, cash flow management, and budgeting.
    • This Thing Called 280E
      This video defines Section 280E of the Internal Revenue Code, which forbids businesses from deducting otherwise ordinary business expenses from gross income associated with the “trafficking” of Schedule I or II substances, as defined by the Controlled Substances Act. Simone Cimiluca-Radzins also discusses a court case that followed 280E's creation and how that case allows cannabis businesses to deduct Cost of Goods Sold.
    • 280E: Knowing Inventory is Required
      This video defines inventory for different segments of the supply chain, from cultivator to manufacturer to retailer. Simone Cimiluca-Radzins then explains how a CPA can help businesses in the cannabis supply chain determine what can be written off on taxes using inventory measures and cost of good sold.
    • Section 280 E
      Welcome to the course on Section 280E. This course will guide you through the specific tax requirements of IRS Section 280E as it relates to the tax filings of cannabis businesses. The course explains the requirements for cannabis businesses to file federal tax returns and pay federal taxes. Specifically, the course addresses the consequences for business taxes of cannabis not being recognized as a legal business at a federal level.

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