more-arw search

Q&A Forum

Accounting for the marijuana industry - UNICAP & 280e

First, is there a working group? A group of professionals working with the IRS to develop best practices for the Medical Marijuana Industry? If it doesn't exist yet, we should create one. Feel free to reach out to me here or via LinkedIn it you would like to be put in touch via email. I just finished reading Professor Annette Nellen's article on Marijuana and the Tax Law: Issues Faced by Tax Practitioners in Representation of Clients. http://www.21stcenturytaxation.com/uploads/Tax_Ethics_and_Marijuana_2014.pdf It was sobering. But Section 280E seems to be somewhat offset by Uniform Capitalization Rules under Section 263A and the Full Absorption Inventory Cost Method (Section 471) available to farmers. What do you think?

Answers

Elizabeth Pearce
Title: CFO
Company: Green Jane Inc
LinkedIn Profile
(CFO, Green Jane Inc) |

Be sure you check out this NY Times Op-Ed
http://www.nytimes.com/interactive/2014/07/27/opinion/sunday/high-time-marijuana-legalization.html?ref=opinion&_r=0

And this article from the Pew Research Center http://www.pewresearch.org/fact-tank/2014/04/07/6-facts-about-marijuana/

2107 views
Topics

Get Free Membership

By signing up, you will receive emails from Proformative regarding Proformative programs, events, community news and activity. You can withdraw your consent at any time. Contact Us.

Business Exchange

Browse the Business Exchange to find information, resources and peer reviews to help you select the right solution for your business.

Learn more

Contribute to Community

If you’re interested in learning more about contributing to your Proformative community, we have many ways for you to get involved. Please email content@proformative.com to learn more about becoming a speaker or contributing to the blogs/Q&A Forum.