280E & State Tax Litigation
As rescheduling appears to have stalled under a new administration. States are seeing disruptions to federal funding, which makes other sources of tac revenue more attractive. In this environment, what does the future of cannabis tax law and enforcement hold? This panel explores these legal strategies for minimizing tax burden in an uncertain tax environment.
Nick Richards is an experienced tax attorney, partner, and co-chair of the Cannabis Law practice group at Greenspoon Marder LLP. Nick represents individuals and businesses in tax audits & trials, M&A, and in managing tax debt. He also advises cannabis companies, owners and investors regarding tax and regulatory compliance matters. Mr. Richards has been a tax attorney for more than twenty years beginning his career with the IRS where he was a trial attorney, Chief Counsel advisor, and Special Assistant United States Attorney. Nick represented a Colorado cannabis company in one of the first IRS audits in the legalized industry. Since that ground-breaking case, he has gone on to successfully represent companies in many cities, states, courts and before the federal government. In addition to tax audits, trials and collections, he is widely recognized as a leading cannabis industry attorney and has extensive experience in IRC Section 280E and BSA cash reporting requirements. His knowledge of the tax system is essential when advising business owners and investors, particularly in mergers, acquisitions and entity formation.
Jessica Velazquez is a Principal and Cannabis Practice Leader for BeachFleischman. She specializes in delivering comprehensive tax and advisory services to entrepreneurs and businesses. Fluent in English and Spanish, Jessica excels at tailoring tax strategies and solutions to meet the needs of her diverse client base. She is a Certified Public Accountant licensed to practice in Nevada and Illinois.
Jessica is a dedicated social justice advocate who has spent much of her 20-year career championing the success of women and minority business owners.
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Jennifer brings sophisticated experience as a tax attorney and former CPA to counsel businesses and individuals on emerging and complex tax controversy and litigation issues. Jennifer handles high-dollar, sensitive tax matters with significant legal issues at stake for businesses and individuals. Drawing on experience as a tax accountant and as a tax lawyer, she is respected by clients for her ability to navigate and explain complex situations and provide front-line protection with the goal of alleviating the stress clients experience when facing scrutiny from tax authorities.
In disputes with the IRS and state and local tax authorities, she is a deft, respected negotiator in reaching out-of-court solutions; and an ardent advocate, litigating issues to ensure her clients receive even-handed treatment.
Clients appreciate Jennifer's straightforward, no-nonsense approach to tax planning: keep matters streamlined and don’t make things complicated when they don't need to be. She helps clients plan and implement proactive tax strategies to protect their assets and achieve their business and financial goals.
Bringing clarity to the hazy area of federal and state taxation of cannabis businesses, Jennifer counsels cannabis industry clients and their business advisors on tax strategy and filings, and how to navigate income, excise, and state tax audits, including IRC Section 280E adjustments and challenges.
Calvin P. Shannon is a Principal of BGM. With more than 20 years of experience, Calvin provides tax, advisory, and business valuation services. Calvin is skilled at understanding clients’ challenges and opportunities and working with them to develop and implement innovative and unique solutions. Calvin serves a wide range of clients, including cannabis operators, professional service firms, manufacturers and distributors, retail businesses, as well as, individual tax clients.