- The CRA looks ahead at changes to the marijuana Annual Financial Statement reporting requirements, effective in 2023.
- Evaluate how recent tax court cases have implications for IRC 280 E and the Modified Accelerated Cost Recovery System.
- Explore the role of audits in evaluating financial reporting controls for cannabusinesses.
Last year saw record growth for Michigan’s cannabis industry with even more projected throughout 2022. As the industry takes root and develops, what business, operational and accounting challenges await and how exactly can CPAs assist?
Looking for live instruction and networking opportunities?Join us for the in-person option.
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Register early to
take advantage of the best price! Please note, discounted pricing is already
reflected in the online price. No promo code is needed.
Through November 18: $180 Member / $255 Non-Member
November 19 -
November 23: $190 Member / $265 Non-Member
November 24 - December 8: $200
Member / $275 Non-Member
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Optional Early Bird: Mega Millions: How Utility Rebates Could Be Your Jackpot 1.0 OT Details
Mega Millions: How Utility
Rebates Could Be Your Jackpot
Rebates are valuable tools that
oftentimes get overlooked and underutilized. For cannabusinesses specifically,
utility rebates could offer a boost as large as $1 million when applied
correctly. Get the insight you need to better understand utility rebates, its
framework for participation, its limitations and more.
Jeff
Kelley - Kelley Energy Management, LLC, Owner/Founder, Brentwood,
MO
KEYNOTE PRESENTATION: MORE Change Ahead for Cannabis 1.0 OT Details
MORE Change Ahead for Cannabis
The
Marijuana Opportunity Reinvestment and Expungement (MORE) Act passed in the U.S.
House of Representatives last April, but decriminalization is still up in the
air as the bill now awaits its day in the Senate. Even so, more financial
institutions are stepping up to work with cannabusinesses in Michigan, and
Michigan Cannabis Regulatory Agency (CRA) is moving forward with new leadership.
Senator Gary Peters shares all the latest developments and discusses how these
changes stand to impact you, the CPA.
Senator Gary Peters - United States
Senate
Kevin Hrit - Regional Director, Senator Gary Peters
Staff
Nicholas Graham - Legislative Assistant, Senator Gary
Peters Staff
State Representative Graham Filler - State of
Michigan House of Representatives
09:35 AM - 10:25 AM
Enterprise resource planning (ERP) software is growing in popularity among cannabusinesses, and for good reason as the benefits are numerous, from more efficient business ops to more informed decision making. But how do cannabis ERPs interact with accounting software solutions, and how can business owners ensure their ERP solution is the best? Let’s go for an exploration of what’s out there, and how to figure out which ERP is a fit for your organization.
Presented by a representative from Maner Costerisan, Lansing
Outline the revisions to the marijuana Annual Financial Statement reporting requirements as well as an overview of the changes to the report that will be effective in 2023. Bring your questions for the Q&A period of this presentation.
Kristie H. Jordan – Manager, Financial Compliance, Licensing Davison, Cannabis Regulatory Agency, Lansing
10:55 AM - 11:45 AM
Few businesses require the cooperation of their CPA and attorney more than those in the cannabis industry. From initial structuring to AFS reports, hear a leading cannabis attorney’s perspective on the challenges of representing clients in this fluid, highly regulated and still federally-illegal industry, along with what you can do to ensure your client has the most appropriate and risk-averse structure.
Denise A. Pollicella, Esq. – Founder & Managing Partner, Cannabis Attorneys of Michigan
An effectively executed audit provides insights into areas where business operations are strongest, and weakest. Explore the role of audits in evaluating financial reporting controls for cannabusinesses and discover the impact corporate structure can have on audit procedures.
Christopher M. Rosmarin, CPA – Principal, Rehmann, Grand Rapids
11:55 AM - 12:45 PM
The options for point of sale (POS) systems are aplenty, but not every system is set up to serve the cannabis industry. That said, more companies entered the marijuana POS market in 2021 than ever, so how do you know which one is right for your Michigan dispensary business? Join the discussion on how to choose the POS and why getting it wrong is a big deal.
Courtney Forgues – Chief Executive Officer, Portal42, Sterling Heights
Colton Griffin – CEO, Flourish Software, Venice, CA
Moderator: Kareyna Miller, CPA – Founder, LEACIF, Otter Lake
An effectively executed audit provides insights into areas where business operations are strongest, and weakest. Explore the role of audits in evaluating financial reporting controls for cannabusinesses and discover the impact corporate structure can have on audit procedures.
Christopher M. Rosmarin, CPA – Principal, Rehmann, Grand Rapids
01:50 PM - 02:40 PM
Establishing and maintaining an effective costing system for clients in the cannabis industry is a long-term endeavor. Join this session for a definition of what the rules of engagement are and discover whether tax-basis or GAAP (Generally Accepted Accounting Principles) reporting is more appropriate to improve metrics for management decisions.
Taylor Schuck, CPA – Manager, FGMK, Chicago, IL
Tax Court: Cannabis Edition
Can the
Modified Accelerated Cost Recovery System (MACRS) be used to apply depreciation
under 280E for tax returns and book records? Find out what recent tax court
cases can tell us about this particular tax situation, and others 280E questions
reviewed by the courts, such as what is trafficking, do IRS audits violate my
Fifth Amendment rights, and what pitfalls to avoid, during this in-depth case
study.
Jennifer Benda, JD, M.S. – Partner, Holland &
Hart LLP, Denver, CO
Tamara Kotzker, JD, LL.M. – Of Counsel,
Holland & Hart LLP, Denver, CO
02:50 PM - 03:40 PM
A New Focus on Insurance in
Cannabis
Those operating in the cannabis space still face
distinctive challenges when it comes to procuring services necessary for running
a business. With the implementation of Michigan’s new cannabis liability
insurance requirements, understanding the types of insurance available and the
nuances of procuring it is more important than ever. Find out everything you
need to know about insuring a cannabusiness, including the risks the right
insurance can mitigate.
Jim Mattson, CSP – Vice
President-Business Development & Risk Management, Canopy Insurance Group,
Birmingham
Tax Court: Cannabis Edition
Can the
Modified Accelerated Cost Recovery System (MACRS) be used to apply depreciation
under 280E for tax returns and book records? Find out what recent tax court
cases can tell us about this particular tax situation, and others 280E questions
reviewed by the courts, such as what is trafficking, do IRS audits violate my
Fifth Amendment rights, and what pitfalls to avoid, during this in-depth case
study.
Jennifer Benda, JD, M.S. – Partner, Holland &
Hart LLP, Denver, CO
Tamara Kotzker, JD, LL.M. – Of Counsel,
Holland & Hart LLP, Denver, CO
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