Ethics, Tax Practice & The Cannabis Industry

Overview

This course provides an in-depth discussion of the ethical considerations and compliance requirements when working with taxpayers in the cannabis industry. Attendees will review the implications of Circular 230, preparer due diligence, and the specific challenges posed by conflicting federal and state laws. Federal case law, standards set by Boards of Accountancy, and guidance from the IRS Office of Professional Responsibility will also be covered to help practitioners navigate this complex area with confidence.

Objectives

• Evaluate ethical dilemmas related to providing tax assistance in the cannabis industry.
• Analyze relevant Tax Court cases and their impact on tax practice.
• Apply Circular 230 standards to scenarios involving cannabis-related businesses.
• Implement preparer due diligence practices tailored to cannabis clients.
• Discuss the interplay between federal regulations and state cannabis laws.
• Examine Board of Accountancy standards related to cannabis-related tax practice.
• Interpret guidance from the IRS Office of Professional Responsibility.
• Develop strategies to maintain compliance while minimizing risks in cannabis-related tax practice.

 

Highlights

• Ethical challenges in the cannabis industry
• Circular 230 and its application
• Federal case law and cannabis-related tax disputes
• Preparer due diligence in cannabis tax scenarios
• State vs. federal legal conflicts in tax reporting
• IRS Office of Professional Responsibility guidance
• Board of Accountancy standards and enforcement
• Risk management for cannabis-related tax clients