Tax implications of cannabis rescheduling February 12, 2024 Michael Harlow Banking, Finance & Real Estate, IRS 280E, News & Insights, Spotlight 1 Comment By Michael Harlow and Seth Sherer, Cohn Reznick Over the years we have had many planning meetings with clients where they express extreme frustration when they see their projected tax liability. More than one has told us that 280E makes… Read More→
MariMed Reenacts Boston Tea Party in Protest of 280E July 13, 2023 Tom Hymes IRS 280E, News & Insights 1 Comment According to MariMed CEO Jon Levine, the 250th anniversary of the original Boston Tea Party presented the perfect opportunity for the company to shine a bright light of publicity on 280E, an IRS code that disallows licensed cannabis companies from… Read More→
IRC § 280E is a Target for Cannabis Legal Reform in 2023 January 10, 2023 Hilary Bricken IRS 280E 0 Comments By Hilary Bricken, Principal at Harris Bricken Will we see tax reform in 2023 for cannabis sellers? Specifically, will Congress finally get something done about the pain inflicted on industry by the Internal Revenue Code at 26 USC § 280E?… Read More→
The Cannabis Industry Should Employ Careful Tax Planning When Allocating between Cost of Goods Sold and Ordinary Business Expenses May 9, 2021 Patrick Cox IRS 280E 0 Comments By Patrick “Rick” Cox and Vincent Tennant, Nixon Peabody LLP Cannabis is a controlled substance under federal law and as such § 280E of the Internal Revenue Code [1] (“§ 280E”), does not allow a cannabis business to use business… Read More→
Why We Love the Harborside IRC §280E Appeal June 15, 2020 AggregatedNews IRS 280E 0 Comments By Vince Sliwoski, Attorney at Harris Bricken Recently, I mentioned that except for Champ v. Commissioner, no cannabis company has ever won an IRC §280E case. One of the more famous setbacks was a 2018 case known as Harborside v.… Read More→