Marijuana and Cannabis News
Seattle Seminar Saturday March 10th to Educate Attorneys, Accountants and Cannabis Business Owners How to Prepare Their Businesses for Possible IRS Audits under the Current 280E IRS Tax Code
The Internal Revenue Service is using tax audits to rule that state-sanctioned cannabis businesses are deemed "drug trafficking organizations" under Section 280E of the IRS code which was created decades ago. Through this definition of the tax code, the IRS is denying legitimate businesses from making normal deductions such as rent payments, payroll, insurance, and other usual business expenses incurred, and demanding large taxes and fines on the industry.
A national coalition of leaders of the medical cannabis community, collectives, health support groups, and activists have formed the 280E Reform Campaign to stop the attacks by the IRS and educate attorneys, accountants, and business owners how to maximize the deductions on their tax returns despite Sec. 280E.
|Steve DeAngelo, executive director, Harborside Health Center|
The second in a series of national IRS 280E Tax Audit Seminars in medical cannabis states is scheduled for this Saturday, March 10, 1-6 p.m. at the Courtyard Marriott, 925 Westlake Ave. N, Seattle, Washington 98109.
A press conference with the presenters prior to the seminar is scheduled for 12:15 PM with national and local press already slated to be present.
Presenters at this seminar that will be present at the press event are:
• Steve DeAngelo, executive director of Harborside Health Center, is a cannabis industry leader, movement strategist and lifelong activist. Steve writes and speaks widely on the subject of cannabis, and his creation of the world's model medical cannabis dispensary has been extensively covered in national and international news media. His past accomplishments include organizing I-59, Washington D.C.'s medical cannabis initiative; Hemp Tour, which brought hemp to the heartland; and Ecolution, Inc., which produced hemp garments and accessories 1990-2000. A summa cum laude graduate of the University of Maryland, Steve is a founding, charter member of Americans for Safe Access (ASA), and the star of the new Discovery Channel series, "Weed Wars."
• Rob Braach, CPA, is a native of Missoula, Montana, and his sense of community, responsibility, and work ethic stems directly from this personal connection to his home state. Rob received his bachelor's degree from the University of North Dakota, graduating magna cum laude, and in 1986 he was licensed as a Certified Public Accountant in Montana. Rob's early career included financial management positions at a manufacturing company in Missoula and a multiple employer welfare association in Spokane, Washington. He founded Braach Accounting Service in 2006 in Missoula. Rob's practice concentrates on individual, business, and corporate tax preparation and planning.
|Henry G. Wykowski & Associates|
|San Francisco-based trial attorney Henry Wykowski, Esq., represents numerous cannabis dispensaries in tax and litigation matters|
• Henry (Hank) Levy, CPA/ABV, is the owner of an accounting and consulting firm in Oakland, California, which specializes in income tax planning and tax compliance for individuals, corporations, partnerships, LLCs, trusts, estates and non-profit clients. The firm obtained its first medical cannabis client in 1998, and now has more than 150 clients in this field. Hank has held faculty positions at City College of San Francisco, Laney College and San Francisco State University, and he is regularly appointed by the Superior Courts of California as a forensic expert, business appraiser and referee in family law, civil litigation and tax matters. He has been continually involved in professional and community service, serving as past president of the East Bay Chapter of California Society of CPAs and as a current director on various non-profit boards.
• Henry Wykowski, Esq., is a San Francisco-based trial attorney representing numerous cannabis dispensaries in tax and litigation matters, including Harborside Health Center. He is widely considered to be one of the country's leading authorities on taxation of the medical marijuana industry. Henry is a graduate of Tulane University School of Law and has been practicing for more than 35 years. He began his career in the Tax Division of the U.S. Department of Justice and also served as an Assistant U.S. Attorney in the Northern District of California. Henry was the tax attorney in the landmark case of Californians Helping to Alleviate Medical Problems (CHAMP) v. Commissioner, 128 T.C. No. 14 (2007). Henry currently serves on the board of the National Cannabis Industry Association, and he is actively engaged in the effort to exclude state-authorized dispensaries from Sec. 280E.