#1 National Business Institute (NBI)

Andersen presented for the National Business Institute (NBI) on Wednesday, February 24, 2021 during their program, Montana Marijuana Business Law 2021 – Section II: Business & Tax Planning: Entity Selection, Structural Techniques, IRC § 280E Implications, Recordkeeping, Audits and More.

This presentation was for professionals seeking information about the industry in Montana. Last month, Andersen gave a similar webinar presentation to California professionals.

Adult-use cannabis in Montana passed in November of 2020 and went into effect January 1, 2021. Cannabis operators can expect many changes in the months ahead. There is only a skeletal framework thus far, and there is little contemplation of local or city taxes to-date.

At the federal level, the tax law is the same. It provides an opportunity for newer canna-businesses to use tax professionals from more seasoned states such as California.

Program Description:

Advising a business that technically traffics in controlled substances can get pretty complicated from a tax and business planning perspective. You can’t deduct anything apart from costs of goods sold, which has big implications for ongoing operations and entity selection. And if there’s one industry where asset protection is a priority, you’ve found it. This course will focus on business and tax planning techniques for marijuana-related businesses. Discover tactics that work, red herrings that don’t, and get practical tips to protect your clients.

  • Tax Planning for Marijuana-Related Businesses
    Bruce T. Andersen

    • Deduction and COGS Challenges: IRC § 280E, Champs and Subsequent Case Law
    • IRC § 280E Case Studies
    • Accounting, Inventory and Cost-Allocation Methods
    • Tax Planning Strategies and Issues Presented by 199A
    • State Tax Implications, Ownership and Licensing Issues
    • Recordkeeping and Audit Defense
    • Overcoming the Difficulties of Dealing in Cash

The NBI program will be available for purchase.

#2 QuickBooks Enterprise

Andersen is working on a client installation of QuickBooks Enterprise. Some of the intricacies include the transfer of products among the parts of the business including cultivation, manufacturing, and distribution. Additionally, he is setting up the assemblies so components of their packaged products can be tracked for usage and on-hand quantities.