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Tag: 280e
A Post-280E Preview
While federal legalization is the ultimate goal for our industry, most cannabis professionals probably would list the elimination of Internal Revenue Code Section 280E...
Analysis: Eliminating 280E Could Save 12 MSOs $700 Million Annually
NEW YORK – The twelve largest operators in the cannabis industry would save a combined total of $700 million annually if Internal Revenue Code...
U.S. Health Officials Recommend Schedule III for Cannabis
WASHINGTON – The U.S. Department of Health and Human Services (HHS) has recommended reclassifying cannabis from Schedule I to a less restrictive Schedule III...
4 Things You Can Do to Move Your Business Forward Right Now
We’re about a year into what is undoubtedly the most challenging stretch the cannabis industry has faced since the legalization movement began.
The initial hype...
The Peculiar Origin of Internal Revenue Code Section 280E
“State-legal cannabis businesses are denied equal treatment under 280E.” So said United States Rep. Earl Blumenauer (D-OR) in mid-April as he introduced the bipartisan...
Bipartisan Bill to Save Businesses from 280E Introduced in House
WASHINGTON, D.C. – Bipartisan federal legislation reintroduced this week could provide desperately needed tax relief for state-legal cannabis businesses.
Rep. Earl Blumenauer’s (D-OR) Small Business...
An Ounce of Prevention Can Stop Financial Distress
It’s a challenging time for cannabis businesses around the country. But for those of us who have been involved since the beginning, what else...
How to Successfully Navigate an IRS Audit in the Cannabis Industry
IRS audits involving the Bank Secrecy Act (BSA) and the infamous tax code 280E are ramping up throughout the nation, and if operators aren’t...
Tax Breaks Remain Elusive
Of all the challenges cannabis companies face as they fight for survival and market share in 2022, the tax man remains one of the...
Federal Tax Deductions: On the Horizon or Merely a Mirage?
It would be an understatement to say the federal government has been harsh on state-legal cannabis companies, whether by denying them federal tax deductions...