Tax Reporting for Illegal Activities (Cannabis) On-Demand Webinar
U.S. taxpayers are subject to tax on their worldwide income, even including income from illegal activities such as cannabis production and dispensing. Many states have legalized cannabis, but in 1972, the federal government classified cannabis as a controlled substance by placing it in Schedule I of the Controlled Substance Act. This is still where it remains today. This webinar covers precisely how an illegal activity such as cannabis production and dispensing is accounted for and reported for tax purposes.
Upon completion of this course, you will be able to:
- Define gross income for an illegal activity.
- Define total revenue for an illegal activity.
- Describe the treatment of expenses for an illegal activity.
- Distinguish between treatment of production activities on Schedule C or Schedule F.
This webinar includes the presentation slides, exam questions, live webinar recording with review questions, and Q&A transcript. CPE is issued after exam is successfully completed.
Laura Strombom, EA, MBA, NTPI Fellow