A Cannabis tax series COURSE
The Cannabis Tax Accounting Masterclass - from beginner to pro
This illustrated course will take the guesswork out of cannabis accounting and tax compliance.
Field of Study
Learn the full absorption method of accounting.
Learn cannabis accounting journal entries.
Learn how to prepare a cannabis tax return.
- Generally Accepted Accounting Principles (GAAP) related to the cannabis industry.
- The importance of maintaining GAAP compliant financial statements, including the income statement, balance sheet, statement of cash flows, statement of retained earnings, and the statement of stockholders’ equity.
- How to perform the full absorption method of accounting required under IRC 471.
- How to capitalize cannabis direct and indirect production costs.
- How to correctly structure a cannabis chart of accounts for cultivators, dispensaries, and vertically integrated cannabis businesses.
- The lower of cost or market rule (LCM) inventory rules required of cannabis businesses.
- Business entity options as they relate to the cannabis industry.
Frequently asked questions
Are your cannabis tax accounting education courses approved for continuing professional education (CPE) hours?
Not at the moment. We are in the process of becoming an approved continuing education provider for the Internal Revenue Service so our students can earn credit hours for our courses. Upon IRS approval, we will offer CPE credit hours for IRS Enrolled Agents, Oregon Licensed Tax Consultants & Licensed Tax Preparers. CPE hours will also qualify for Chartered Financial Consultant (ChFC), and Certified Financial Planner (CFP) designation holders.
Will your cannabis education programs provide the necessary knowledge to enter this lucrative and exciting industry?
Our flagship course provides students with a complete overview of Internal Revenue Code Sections 280E and 471. The courses cover how to calculate cannabis cost of goods sold (COGS), account for inventory under IRC 471 (3) & (11), GAAP accounting basics (including cost / full absorption accounting), how to prepare GAAP compliant financial statements, the basics of cannabis business entities, and the preparation of cannabis tax returns.
What if I have questions about the cannabis tax accounting education course material?
If you have any questions, you may call or email and we will respond within 24 hours.
Are there any time limits on finishing the course material?
No! You may take all the time you need to work through the course materials!