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Tag: irs
IRS Attorney: There Is No End Run Around 280E
DENVER – Cannabis companies underpaying or withholding taxes based on presumed nullification of Internal Revenue Code Section 280E after rescheduling are setting themselves up...
IRS Reaffirms Marijuana’s Status Under Federal Tax Law
WASHINGTON – The Internal Revenue Service (IRS) has reiterated marijuana remains classified as a Schedule I controlled substance, and businesses involved in manufacturing, distribution,...
Is Rescheduling Imminent?
WASHINGTON – Rumors of an imminent drug policy announcement swept through the industry Tuesday morning after the Associated Press reported the Drug Enforcement Administration...
Are Delayed Tax Payments a Viable Capital Allocation Strategy?
Notorious Mafia kingpin Al Capone never filed a federal income tax return, claiming he had no taxable income. Before he was convicted of tax...
Holland & Hart Welcomes Tax Controversy Partner Jennifer Benda
DENVER — Holland & Hart announced that leading tax controversy and litigation attorney Jennifer Benda has joined the firm as a partner in the...
Will 2021 Bring Federal Tax Relief?
There’s no quicker way to get a rise out of a cannabis business owner than to mention Section 280E, the dreaded Internal Revenue Service...
IRS Publishes Tax Information for the Cannabis Industry
WASHINGTON, D.C. – The Internal Revenue Service (IRS) has posted an online resource page for the legal cannabis industry. The action comes after the...
More IRS Audits Are Coming. Here’s How to Handle Them.
It appears the Internal Revenue Service is keeping a close eye on the rapidly growing cannabis industry. The agency expects to audit more cannabis...
Treasury Inspector General Recommends More Tax Audits for Cannabis
WASHINGTON, D.C. – The Treasury Inspector General for Tax Administration (TIGTA) issued a report on March 30, which made recommendations to the Internal Revenue...
IRS Uses 280E to Go After State Legal Cannabis Businesses on Taxes
The complex issue of cannabis taxes just got a bit more confusing for some Colorado businesses.
The IRS has started audits on cannabis businesses in...