News & Analysis as of October 12, 2024

Decriminalization of Marijuana

+ Follow

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 Considerations and the Reclassification of Marijuana – We’re Not There Yet

Rivkin Radler LLP on 7/18/2024

Having been swept along for nine days “by the force of the hostile winds on the fishy sea,” Odysseus and his crew came to a strange land. After securing their ships, Odysseus sent some of his “companions ahead, telling them...more

Paid or Incurred: Marijuana Rescheduling, Taxes, and Section 280E

McGlinchey Stafford on 6/6/2024

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

If You Sell Marijuana In Any Form, Uncle Sam Wants His Cut

Rivkin Radler LLP on 3/12/2021

More and more states across the country are legalizing the sale of marijuana products for medical and/or recreational purposes, but marijuana remains effectively prohibited under federal law as a Schedule I controlled...more

The Week in Weed: September 2020 #3

Seyfarth Shaw LLP on 9/18/2020

Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana....more

Section 280E – Why Are We Still Having This Discussion?

Seyfarth Shaw LLP on 1/31/2020

If you are in the cannabis industry, you should already know Section 280E of the Internal Revenue Code. It consists of only one sentence...more

Growing Pains with Medical Marijuana Taxation - Cannabis Industry News Alert

Bradley Arant Boult Cummings LLP on 1/9/2020

More and more states across the South are adopting medical marijuana regimes. With this growth comes growing pains. One such pain for marijuana businesses is the tension between following state laws on a product that is still...more

Section 280E Remains a Problem for Maryland Cannabusinesses: How to Minimize Taxable Income through Proper Classification of...

Rosenberg Martin Greenberg LLP on 2/15/2019

The Maryland Medical Cannabis Commission (“the MMCC”) recently reported to the Maryland legislature on “the deleterious effects of the federal tax code on medical cannabis businesses.” As stated in its report, I.R.C. § 280E...more

7 Results

View per page

Page: of 1