The cannabis industry knows well the economic burden imposed by Section 280E of the Internal Revenue Code of 1986 (Code). It substantially increases the cost of doing business because it disallows deductions for expenses...more
Tax season is nearly upon us. As cannabis businesses and the professionals who advise them can expect, navigating the variations and even direct conflicts that exist between and among the state and federal authorities that...more
Before enactment of the 2021 Consolidated Appropriations Act on December 27, 2020, the Internal Revenue Service took the position that taxpayers could not deduct expenses paid with proceeds of a forgiven PPP loan. By passage...more
In a previous alert we reported that the Consolidated Appropriations Act, 2021, which contains The COVID-related Tax Relief Act of 2020, specifically provides that “no deduction shall be denied, no tax attribute shall be...more