July 12th, 2022 at 10am PT  

As Cannabis businesses are getting back into their operational grooves following the turbulent economic environment of the last couple of years, the IRS is taking notice and ramping up their auditing efforts. Any Cannabis operator that is subject to 280E is at risk of huge fines and stiff penalties if an audit finds them to be not properly calculating their federal tax liability.

All that being said, an audit isn’t the end of the world! A little bit of preparation and planning for an audit goes a long way towards protecting yourselves as accountants and the companies that you serve. Having a game plan in place and knowing your options and how to communicate with the auditor will alleviate many of the headaches involved during the audit.

Our next special guest speakers, attorneys Nick Richards and Matthew Schiller of Greenspoon Marder LLP, will be presenting “Cannabis Tax Court Updates & Audit Preparedness” to give an overview of what to do during an audit, plus touch on some of the recent court cases that may affect Cannabis businesses should they be audited.


Topics covered will include:
  • Understanding how to communicate with the federal tax auditors - we’ll cover what the CPA should handle, and when the attorney should be contacted.
  • Ensuring your client’s books and records are well-positioned in the event of a federal tax audit.
  • How to avoid significant fines and penalties in the event of an audit.
  • WIP adjustments during an IRS tax audit - are they a thing of the past?
  • An update on the Lord v. CIR tax court case.

We’ll be live streaming on Tuesday, July 12th at 10 AM PDT, so bring your questions and we’ll answer them on the spot.

We hope to see you there!

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Nick Richards & Matthew Schiller

GREENSPOON MARDER LLP


Nick Richards is a partner and chair of the Cannabis Law practice group at Greenspoon Marder LLP. He represents individuals and businesses in tax audits & trials, M&A, in managing tax debt, and he 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 leading trial attorney, a Chief Counsel advisor, and a Special Assistant United States Attorney.

With his broad experience and understanding at all phases of the tax system, from reporting and assessment through appeals, court, and tax debt resolution, Mr. Richards achieves successful legal solutions tailored to his individual client’s needs. Mr. Richards also teaches tax attorneys and CPAs throughout the US and he is an Adjunct Professor of Law at the University of Denver, Graduate Tax Program, where he teaches State and Local Tax and Civil and Criminal Tax.

Taxes can be stressful and Mr. Richards’ clients find relief in his broad experience in the IRS and in representing taxpayers large and small. He understands the tax system, provides informed advice, and protects taxpayers from the mistakes and missteps of those less experienced. Several years after leaving the IRS, he 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.

Nick Richards is a father of two young children, a proud husband, a music fan, and he enjoys the outdoors when not fighting for his clients.


Matthew Schiller is an associate in the Tax practice group at Greenspoon Marder LLP. He focuses his practice on representing individuals and businesses with unpaid tax liabilities before the Internal Revenue Service and state taxing authorities.
Before joining Greenspoon Marder, Mr. Schiller founded and led his own tax firm, concentrating on Internal Revenue Service and state representation, including tax debt management and resolution, entity formation issues, and ongoing compliance for individuals and businesses. Before starting his entrepreneurial venture, Mr. Schiller was a consultant for several tax consulting firms resolving tax collection cases for businesses and individuals nationwide, providing ancillary tax and consulting services, and monitoring future tax activities to anticipate and address compliance issues.

Mr. Schiller earned his Juris Doctor from the University of Denver Sturm College of Law. He also received his Bachelor of Arts Degree in political science from the University of Northern Colorado.