CAN2313. Keynote: A Former Insider's Perspective on Cannabis Taxation | Congressman Address: SAFE Banking Act

Nathaniel “Nate” Pollock recently launched a tax controversy practice at a law firm called SouthBank Legal. Before that, Nate briefed and argued numerous Section 280E cases in the Ninth and Tenth Circuits for the government as a senior litigation counsel in the U.S. Justice Department Tax Division’s Appellate Section. He will discuss issues and challenges faced by individuals and businesses in the cannabis industry in determining their federal income tax liability, as well as IRS statements and policies related to taxation of cannabis businesses. Representative David Joyce will give an update on cannabis banking legislation and other news of the day out of Washington D.C.

Learning Objectives:

• Identify common issues cannabis industry participants face in determining tax liability, particularly with respect to IRC section 280E.
• Identify IRS policies regarding cannabis businesses’ treatment of costs of goods sold.