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Tax Liability Controlled Substances Marijuana Related Businesses

Mayer Brown

Bill & Ted’s Excellent Legislation: 2024 Cannabis Tax Developments

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In 1989’s Bill & Ted’s Excellent Adventure, Keanu Reeves plays a stoner who gets caught up in historical shenanigans. By 2014, Mr. Reeves progressed past his teenage high jinks to become a James Bond-like action hero in his...more

Troutman Pepper

Preparing for IRS Cash Transaction Reporting in the Cannabis Industry

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The various forms of information reporting required by the Internal Revenue Code form the backbone of both voluntary compliance with tax laws and the starting point for audits by the Internal Revenue Service (IRS). One form...more

Troutman Pepper

The Continuing Negative Impact of Federal and State Taxation on the Cannabis Industry; Where Do We Go from Here?

Troutman Pepper on

The cannabis industry has experienced significant growth over the past decade, with increasing numbers of states legalizing both medical and recreational use. Currently, cannabis is legal for adults in 24 states and the...more

Seyfarth Shaw LLP

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

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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

Lowndes

Tax Court Upholds Constitutionality of Rule Prohibiting Deductions for Marijuana Businesses

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I recently wrote about the Tax Court decision in Northern California Small Business Assistants Inc. v. Commissioner, which addressed whether Section 280E’s denial of tax deductions to marijuana businesses violates the Eighth...more

Foster Garvey PC

A Real Bummer for The Marijuana Industry

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As a general rule, in accordance with IRC § 162(a), taxpayers are allowed to deduct, for federal income tax purposes, all of the ordinary and necessary expenses they paid or incurred during the taxable year in carrying on a...more

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