myCPE

2023 Cannabis Update: How CPAs Can Generate Revenue In A Growing Industry 1 Credit 1 Credit

Dec 13, 2023, 09:30 AM ET

2023 Cannabis Update: How CPAs Can Generate Revenue In A Growing Industry 1 Credit 1 Credit

  • Rating

    4.4

  • Published on

    December, 1969

  • Subject Area

    Specialized Knowledge

Learning mode

Live Webinar
  • Access the course at your convenience
  • Take the assessment test
  • Get your certificate
  • Attend the live interactive session
  • Answer the polling questions
  • Get your certificate
Dec 13, 2023, 09:30 AM ET

Learning Objectives

  • To recognize opportunities in U.S. cannabis businesses.
  • To identify compliance and marijuana tax requirements.
  • To list ways that make cannabis accounting and tax different from accounting and tax in other industries.
  • To identify accounting considerations including what makes cannabis accounting so difficult.
  • To evaluate what constitutes a typical week as a cannabis accountant.

Course Overview

It's no secret that the cannabis industry is booming with revenue, yet businesses are heavily burdened with rules and regulations, making accounting professionals an invaluable asset to owners, operators, and investors in this niche. Since everything is new, including the laws and guidelines, the technology and best practices haven't caught up to the needs of the cannabis industry. This makes it incredibly difficult for accounting professionals to properly serve these businesses. §280E prohibits cannabis companies from taking deductions like ordinary businesses, creating several additional challenges that experienced accounting professionals must be prepared for and be properly trained to support.

With the lack of resources and the complex rules and regulations, accountants don’t know where to start or how to help their current clients maintain compliance, support them through banking challenges, meet their ongoing licensing requirements, and more. The reality is that the accounting needs for cannabis businesses have dramatically increased over the years creating an incredible amount of opportunity to do fun, meaningful work with companies that are growing to millions of dollars in a short period. 

Major topics covered in this online CPE webinar:

  • An overview of IRC Code §280E
  • Cannabis Accounting Considerations
  • Bookkeeper vs. Accountant
  • Marijuana Tax of various states 
  • Cash and Inventory Controls

In this CPE webinar, will be having a practical discussion about the day-to-day accounting requirements of working with cannabis companies in 2023. This will not be another discussion about §280E and §471. 

On Demand Credits for All Qualifications

Live Webinar Credits for All Qualifications

License details Credits Status
Specialized Knowledge for Certified Public Accountants (CPA-US) 1 CPE Approved
Specialized Knowledge for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Specialized Knowledge for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Specialized Knowledge for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible
License details Credits Status
Specialized Knowledge for Certified Public Accountants (CPA-US) 1 CPE Approved
Specialized Knowledge for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Specialized Knowledge for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Specialized Knowledge for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible

Additional Information

Credit

1

Course Level

Basic

Instructional Method

QAS Self Study

Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

Naomi Granger

Naomi Granger

Founder, The National Association of Cannabis Accounting and Tax Professionals

  • 4.5
  • rating
  • rating
  • rating
  • rating
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I've been preparing to mentor a much bigger audience in 2023 and have A LOT of knowledge to share around launching and growing your cannabis accounting practice.

There are 30,000+ legally licensed cannabis businesses in operation today throughout the United States. Cannabis is the largest and fastest growing industry in the world. Many businesses need accounting professionals who specialize in this under-served area. This is because proper accounting for a cannabis business is unlike accounting for any other industry, due to its complex compliance issues, banking laws, tax limitations and reporting requirements.

My company, the National Association of Cannabis Accounting and Tax Professionals (NACAT Pros), provides an accelerated online program that makes accounting professionals experts in this niche. My program is open to CPAs, CFOs, Bookkeepers, Controllers and tax professionals who not only want to specialize in this area, but choose the clients they want, charge competitive fees, and work remotely. With our program, our students can open their own accounting firms and specialize in this one lucrative area.

NACAT Pros is a “plug and play” solution, providing videos, workpapers, templates, processes, resources, weekly Q&A calls, tax law instruction (including how to navigate the complex IRC Section 280e and 471 tax rules) and software recommendations.

We understand that marketing is not everybody’s forte, so we also teach people how to find and lock in clients in this industry. 

To learn more about how your accounting practice can fill this under-served market, connect with me here on LinkedIn or join the association at nacatpros.org.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

out of 5

Excellent (57%)

Very Good (33%)

Average (7%)

Poor (3%)

Terrible (1%)

PG

Paula Gorden, CRTP

5

Ms. Granger is a great speaker. Please bring her back as updates are available. She is so engaging and the topic is so important for accountants to know as they are beginning their careers or expanding a practice. One of the best speakers I have heard in many years.

BM

Biliah Moturi, CPA (US)

5

It was a great presentation. Very informative and timely on the Cannabis market and accounting for it.

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