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Income Taxes › Marijuana

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

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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...

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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

Troutman Pepper

Tax Refunds for Cannabis Businesses? What Is the Story?

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In January, we published an article in this newsletter on the state of cannabis taxation, including a discussion of the crippling impact of Internal Revenue Code §280E (IRC §280E) on the industry. Since that article was...more

Husch Blackwell LLP

Cannabis Law Now Podcast: Cannabis Investing in the U.S. - The Good, the Bad, and the Ugly

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Cannabis investing is risky business. The current federal conflict, a punitive federal income tax situation, and an inability to access financial institutions put off many institutional investors. Not so though for Emily...more

Husch Blackwell LLP

Cannabis Law Now Podcast: Catalyst Cannabis Takes on the California Department of Tax and Fee Administration Over Cannabis Excise...

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Since legalizing in 2016, California has experienced rampant rate failure across its licensed cannabis companies. The State of California also has some of the highest and most aggressive cannabis taxes in the nation. In an...more

Baker Donelson

SALT Select Developments - February 2024

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State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

Rivkin Radler LLP

Thanksgiving and. . . Taxes?

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I am guessing that, later this week, many if not most of us will celebrate our uniquely American holiday, Thanksgiving Day. Hopefully, we will be fortunate enough to spend the day and share a meal with family and friends....more

Rivkin Radler LLP

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

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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

Winthrop & Weinstine, P.A.

Legislative Top 5: February 19, 2021

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With only three weeks until the first legislative deadline, higher profile legislative initiatives have started moving through committees and, in some cases, been voted on by the full House or Senate. Next Friday, February...more

Partridge Snow & Hahn LLP

Internal Revenue Service Clarifies Tax Rule for Marijuana Industry

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The Internal Revenue Service (IRS) issued guidance on Thursday, September 10, 2020, to marijuana businesses. The new guidance does not change existing IRS rules, but briefly explains the rules for reporting income, paying...more

Seyfarth Shaw LLP

The Week in Weed: September 2020 #3

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

Bradley Arant Boult Cummings LLP

Growing Pains with Medical Marijuana Taxation - Cannabis Industry News Alert

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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

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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

Moore & Van Allen PLLC

MVA Monitor - August 2019 #4

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As the budget stalemate nears its second month, new budget proposals emerged from the General Assembly. The next few weeks could see attempts at piecemeal budgets and tax rebates. In other news, high profile and controversial...more

McGuireWoods Consulting

Illinois End of Session Report

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New Governor, New General Assembly, Democratic Trifecta - The 2019 legislative session began with the inauguration of a new governor and the members of the 101st General Assembly. With a large number of retirements and...more

McGuireWoods Consulting

Illinois Legislative Session Preview

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Enhanced Democratic Supermajorities - Following the 2018 election, Illinois will be the bluest it has ever been in modern history. With incumbent Republican Gov. Bruce Rauner resoundingly losing his re-election bid to...more

Cozen O'Connor

Business Deductions Up In Smoke

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The following three cases published this past summer provide guidance to cannabis businesses and their owners in preparing their federal income tax returns. These cases turn on the application of IRC Section 280E, which...more

Burns & Levinson LLP

Making Sense of Internal Revenue Code Section 280E – Part II

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Today, we’re picking up right where we left off last week, shedding more light on Section 280E by examining some of the noteworthy cases (and one memo) that have come to define it....more

Burns & Levinson LLP

Making Sense of Internal Revenue Code Section 280E – Part I

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It’s been a busy summer for cannabis business Section 280E controversy, with three published cases (Alterman v. Commissioner; Loughman v. Commissioner; and Alpenglow Botanicals, LLC v. U.S.) construing the statute, and...more

Fox Rothschild LLP

Cannabis Industry State Tax Guide

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Businesses in the legalized cannabis sector face a daunting task in complying with state and Federal tax laws. This Guide is designed to assist in tax compliance by providing quick access to the relevant tax provisions in the...more

Fox Rothschild LLP

Cannabis Industry State Tax Guide

Fox Rothschild LLP on

Businesses in the legalized cannabis sector face a daunting task in complying with st ate and Federal tax laws. This Guide is designed to assist in tax compliance by providing quick access to the relevant tax provisions in...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

Pierce Atwood LLP

Under the Dome: Inside the Maine State House

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Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Three Percent High-Earner Tax Changes Under Consideration - Among the issues Maine’s...more

Pierce Atwood LLP

Under the Dome: Inside the Maine State House

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Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Maine Legislature’s First Regular Session Launches - On Wednesday, January 4, the Maine...more

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