irs 280e Archives - Cannabis Business Executive - Cannabis and Marijuana industry news

Deschedule Cannabis, Don’t Reschedule It: Part 2

By Griffen Thorne, Attorney at Harris Bricken Last week, I wrote a piece entitled “Deschedule Cannabis, Don’t Reschedule It.” The post came on the heels of President Joe Biden’s announcement that the federal government is considering the federal scheduling of…

Easing the burden of cannabis state tax compliance

Keeping pace with state sales and excise tax requirements can be a significant burden for cannabis operators. The indirect nature of the tax – that it is collected at point of sale as part of a transaction and then must…

Banking Solutions Available Despite Difficulty Tax Code Causes for Cannabis Industry

The Current State of 280E and Recent Legal Action The impact of tax code Section 280E removes a marijuana-related business’s ability to claim tax breaks as normal commercial, medical, or agricultural businesses. Effectively, 280E forbids businesses from deducting business expenses,…

Cost of Compliance Tips to Get a Cannabis Business off the Ground

March 8, 2021
Colton Griffin
Compliance and Regulations, News & Insights
0 Comments

by Colton Griffin There are five important “categories,” that require company leaders’ utmost focus and attention as they launch a compliant cannabis business in a newly legal state. Non-compliant businesses face the risk of being shut down and attract negative…

What Contributions Did the Harborside Tax Court Case Make Towards the Development of Marijuana-related Case Law?

On November 29, 2018, the United States Tax Court (“Tax Court”) handed down a highly-anticipated decision in Patients Mutual Assistance Collective Corporation dba Harborside Health Center v. Commissioner (“Harborside”). The Harborside case involved a dispute over the deductibility of business expenses…

Company Update: LivWell Enlightened Health

LivWell Enlightened Health, which was ranked as number 1 on the 2015 CBE 100 PPR list, continues to lead the way in Colorado and nationally as one of the (if not the largest revenue producing) vertically integrated operators. CEO John…

IRS 280E – A Cornerstone in the Foundation of Modern Federal Marijuana Prohibition

September 17, 2016
Neal Levine
Policy & Legal
4 Comments

A commonly romanticized year in American history and pop culture is 1969, but there is one interesting event from that year that history has mostly forgotten. Just one month before the U.S. made history by landing a man on the…

Finding The Right Strategy to Effectively Deal With 280E

April 16, 2016
Matt Walstatter
Banking, Finance & Real Estate, Policy & Legal, The Buck Stops Here
2 Comments

By Matt Walstatter As I sit and write this column, my calendar reads April 16. And like most business owners, I spent a significant part of the last week dealing with taxes. Of course nobody likes to pay taxes, and…

IRS 280E