Webinar: Trulieve Cannabis Corp. Receives Tax Refunds: What Does This Potentially Mean & What’s Next?

This comprehensive session with Greenspoon Marder LLP navigates the complexities of tax refund claims and strategies, inspired by Trulieve’s recent significant tax refund success. This session delves into the intricacies of amended returns, IRS interactions, and strategic tax positions, offering valuable insights for cannabis businesses and individuals looking to optimize their tax strategies.

1. Understanding Trulieve’s Tax Refund:

• Overview of the $143 million amended returns filed by Trulieve and the subsequent $113 million refund received.
• Possible theories behind Trulieve’s tax position without specific details.

2. Strategic Tax Positions Similar to Trulieve’s Approach:

• The importance of obtaining a tax opinion from a qualified attorney.
• Guidance on preparing and filing amended returns within the statute of limitations.

3. Expectations and Realities of Tax Refunds for Cannabis Operators:

• Discussing the likelihood and implications of receiving tax refunds similar to Trulieve’s case.
• The potential impact of this tax position on future un-filed tax returns.

4. Potential IRS Reactions and Taxpayer Concerns:

• Analyzing the possible IRS response to widespread adoption of similar tax positions.
• Addressing concerns about potential penalties, interest, and the importance of compliance.

5. Inventory Accounting and 280E Considerations:

• Exploring the use of Section 471(c) for inventory accounting and cost of goods sold (COGS) to mitigate the effects of Section 280E.
• Comparing Trulieve’s speculated approach to alternative strategies.

6. Protective Claim Amendments:

• Discussing the benefits and process of filing protective claim amendments for cannabis taxpayers not adopting aggressive positions.

Why Watch?

This webinar offers insights for anyone looking to deepen their understanding of cannabis tax law nuances and learn from the case of Trulieve’s tax refund claim. Our expert speakers demystified the process of filing amended returns and dealing with the IRS, providing attendees with the knowledge to make informed decisions about their tax strategies.