M&A transactions, consolidations, and business restructuring
Advising on key operational changes, Planning for vertically integrated companies, Improving operational and tax efficiencies
Cam, CPA, served as a 280E subject matter expert as a Senior Manager.
He managed a team of 10 responsible for filing 200+ tax returns and provided various consulting services.
This included financial statement analysis for IRC Section 280E optimization, M&A transactions, consolidations, business restructuring, and establishing new entities to improve operational and tax efficiencies.
He also advised on the impact of outcomes from recent court cases and new legislation and separate trade or business (STB), planning for vertically integrated companies and companies selling cannabis and non-cannabis products.
Cam prepared and presented slide decks to board of directors, general counsel, and investors of some of the largest cannabis operators in California regarding the IRC Section 280E tax impact, IRS exposure as it relates to prior filings and current operational and internal reporting issues, sales tax nexus analysis, and IRC Section 280E mitigation strategies.
If companies either did not have the cash available or preferred to use the available cash for strategic business opportunities or operating the business, he would negotiate a payment plan with the IRS and/or state tax agency.
Cam worked with several Multi-State Operators (MSOs) and vertically integrated cannabis companies on complex transactions (e.g. Asset Purchase Agreements, Stock Purchase Agreements, and Membership Interest Purchase Agreements).
He worked with one of the country’s top cannabis attorneys and discussed the unconstitutional aspects of IRC Section 280E.
They agreed that the disallowed expenses under IRC Section 280E should be treated in the form of basis upon the sale of the business since the disallowance of those expenses were intended to be temporary–otherwise, IRC Section 280E would be a violation of the 16th amendment.
Cam worked closely with the Lead Tax Partner and prepared due diligence reports on prospective M&A targets for the firm.
He also led the tax department’s global recruiting efforts and software training/implementation, advised on key operational changes as the department experienced rapid growth, and presented technical trainings to domestic and international staff.