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Challenging 280E: Arguments for Amending Tax Returns & Leveraging 471(c)
Justin Botillier and Jamie Jorgenstone, Partners at Calyx CPA, alongside Nick Richards Attorney at Greenspoon Marder, will discuss the justification for moving forward without reducing deductions disallowed by 280E and amending tax returns to recapture lost deductions despite the IRS's reiterated stance on adhering to 280E. They will provide an in-depth analysis of the responsible basis for this approach, examining the legal and regulatory context that supports this position.
Additionally, Justin and Jamie will share their methods for mitigating 280E by using 471(c) and provide their SOPs for properly preparing returns using this approach. With an aggressive but defensible 471(c) methodology, as well as disclosure including a reasonable basis for not reducing deductions due to 280E, the industry can pursue more favorable tax outcomes and potentially recover significant funds.
This webinar is designed for tax professionals specializing in cannabis accounting, offering an aggressive approach to challenging 280E and equipping them with the strategies needed to advocate for their clients effectively.
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*Self-Study recording not available for NASBA CPE credit.
Nick Richards
,
Esq.
A former IRS trial attorney, Mr. Richards has been solving tax problems for over 20 years. He is a parter at Greenspoon Marder, an AmLaw 200 law firm, an adjunct professor of law, and an expert to the cannabis industry and in IRC Section 280E matters.
Justin Botillier
,
CEO
Justin Botillier is the CEO of Calyx CPA LLC in Southern Oregon. With twenty years of experience, he has committed his career to supporting small business owners. Even before cannabis was legalized for recreational use, Justin was a leading advocate for the cannabis industry within the accounting profession. In 2016, he sold his general accounting practice to concentrate solely on the cannabis sector. Justin specializes in business advisory services and strategies to mitigate the tax impacts of Section 280E on cannabis-related businesses nation-wide.
Jamie Jorgenstone
,
CPA
Jamie Jorgenstone is a Certified Public Accountant and Calyx CPA's Chief Technical Officer. Jamie holds a B.S. in Public Accounting and a minor in Economics, earned from Southern Oregon University, and has dedicated the bulk of her professional career to researching IRC Section 280E, helping business owners in the cannabis space navigate the complexities of the tax code, and developing strategies to save business owners money while staying compliant. Jamie is the primary author of the methodologies currently being employed by Calyx to help the cannabis and psychedelics industry mitigate the impacts Section 280E.
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