IRS Audits: Mistakes to Avoid

In the still-federally illegal cannabis industry, IRS audits that involve tax code 280E and the Bank Secrecy Act (BSA) are ramping up across the country. If faced with an audit, you don’t want to be faced with significant fines and legal penalties if you are not prepared.

In this webinar, Nick Richards, Partner & Chair of the Cannabis Law Group at Greenspoon Marder, a former IRS Attorney, will share actionable tips that will equip your business in the event of a federal audit. Whether you operate under a cannabis cultivation, dispensary or extraction license, you’ll come away with insights on:

• The history of 280E and BSA audits of cannabis companies—and where the industry stands today
• Lessons learned from current tax litigation involving U.S. cannabis businesses
• The tax implications of company formation (e.g., S Corporation, C Corporation, LLC)
• The importance of proper cash reporting for all major business transactions (Form 8300)
• The expertise you need on-hand during an audit
• How to interact with auditors during digital, phone and in-person communications
• What types of audit-related documentation should be easily accessible
• How to handle an audit proposal and reach a favorable settlement