News & Analysis as of November 15, 2024

Dispensaries

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Tax Refunds for Cannabis Businesses? What Is the Story?

Troutman Pepper on 5/1/2024

In January, we published an article in this newsletter on the state of cannabis taxation, including a discussion of the crippling impact of Internal Revenue Code §280E (IRC §280E) on the industry. Since that article was...more

Edible Bites Episode 6: Cannabis Business and Taxes Under IRC Section 280E

McGuireWoods LLP on 5/13/2021

In episode 6 of the Edible Bites video webinar series, McGuireWoods’ Kate Hardey and Royce DuBiner had Kevin Michaelan, a senior manager at CohnReznick, drop in to dispel long-held assumptions of cannabis businesses and...more

Tax Court Confirms That Cannabis Businesses Cannot Take Advantage of Certain Tax Breaks Other Businesses Use

Partridge Snow & Hahn LLP on 2/22/2021

One of the most frustrating issues facing the US’s burgeoning cannabis industry has been the inequitable tax treatment that cannabis businesses face as compared to other industries. The IRS’s guidance for one section of the...more

Internal Revenue Service Clarifies Tax Rule for Marijuana Industry

Partridge Snow & Hahn LLP on 10/15/2020

The Internal Revenue Service (IRS) issued guidance on Thursday, September 10, 2020, to marijuana businesses. The new guidance does not change existing IRS rules, but briefly explains the rules for reporting income, paying...more

Cannabis Business Takes Position That § 280E Is Unconstitutional – And It’s Like a Grocery Store For Adults

Burr & Forman on 6/10/2020

Cannabis (or marijuana) dispensaries have long stated that they are subjected to harsher tax consequences under the Internal Revenue Code (“IRC” or “Code”) than their “legal” counterparts. Specifically, they have argued, in...more

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