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Income Taxes › Controlled Substances

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... more +
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 -
Rivkin Radler LLP

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

Rivkin Radler LLP on

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

Bradley Arant Boult Cummings LLP

It Ain’t Over ‘til It’s Over: IRS reminds Taxpayers That Section 280E Applies to Marijuana Companies Until Rescheduling Becomes...

Bradley Arant Boult Cummings LLP on

While marijuana advocates celebrate the potential rescheduling of marijuana from Schedule I to Schedule III, the taxman has made clear that marijuana remains a Schedule I substance subject to Section 280E of the Internal...more

Kaufman & Canoles

Drug Tax (Part II): Offers in Compromise to Resolve Unauthorized Substance Tax Assessments

Kaufman & Canoles on

This blog has previously addressed frequently asked questions associated with unauthorized substance tax assessments in North Carolina. Unauthorized substance taxes are levied by the State in response to drug trafficking...more

Freeman Law

Section 280E and The Taxation of Cannabis Businesses

Freeman Law on

Section 280E of the Internal Revenue Code prohibits taxpayers who are engaged in the business of trafficking certain controlled substances (including, most notably, marijuana) from deducting typical business expenses...more

Holland & Knight LLP

IRS Continues to Audit and Litigate Against Cannabis Businesses

Holland & Knight LLP on

As Congress continues to deliberate the federal legalization of marijuana, the cannabis industry continues to face scrutiny from the IRS under Section 280E of the Internal Revenue Code (Code). Enacted in 1982 in response to a...more

Partridge Snow & Hahn LLP

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

Partridge Snow & Hahn LLP on

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

Seyfarth Shaw LLP

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

Seyfarth Shaw LLP on

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

Bradley Arant Boult Cummings LLP

Growing Pains with Medical Marijuana Taxation - Cannabis Industry News Alert

Bradley Arant Boult Cummings LLP on

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

Lowndes

Tax Court Upholds Constitutionality of Rule Prohibiting Deductions for Marijuana Businesses

Lowndes on

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

Cozen O'Connor

Federal and Pennsylvania Tax Deduction Limitations on Medical Marijuana Businesses

Cozen O'Connor on

The growing, processing, dispensing, and use of medical marijuana became legal in Pennsylvania on May 18, 2016, under the Medical Marijuana Act, Act 2016-16 (S.B. 3), 35 P.S. § 10231.101, et seq. (the Act). Medical marijuana...more

Foster Garvey PC

A Real Bummer for The Marijuana Industry

Foster Garvey PC on

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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