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The change in the presidential administration has focused cannabis businesses on the potential for legalization nationwide.
Running parallel to full federal legalization will be a corresponding regulatory and taxation scheme replacing the current regime of IRC §280E which prohibits anything but the cost of goods sold being deducted from a state licensed cannabis operation’s income statement.
The evolution of the federal taxation of cannabis started with the Marijuana Tax Act of 1937, which applied tax to marijuana used for medicine.
Historians and critics alike maligned this legislation as an attempt to stop the use of cannabis rather than tax it.
National Association of Tax Professionals announces sessions in virtual education event TaxCon 2021 to take place Aug. 24-26
BriefingWire.com, 4/19/2021 - APPLETON, Wis. (April 19, 2021) â The National Association of Tax Professionals (NATP) announced its list of over 25 sessions that will be featured in the associationâs second-annual TaxCon virtual education event, taking place Aug. 24-26, 2021.
TaxCon includes many aspects attendees enjoy about live events, like one-on-one interaction with instructors, attendees and even exhibitors live throughout the event. All sessions include the latest COVID-19 relief information and related recent legislation, including the American Rescue Plan, the Consolidated Appropriations Act, 2021, and the CARES Act. Attendees will have access to all session recordings after the event until April 20, 2022. Attendees can earn up to 17 CPE.