News & Analysis as of

Marijuana Business Expenses

McGlinchey Stafford

Impacts of Cannabis Rescheduling on Bankruptcy

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Despite the excitement of many over rescheduling cannabis from Schedule I to Schedule III, the move does not make cannabis “legal” unless it is produced, sold, and used within the tightly regulated parameters of the...more

McGlinchey Stafford

Rescheduling Marijuana FAQs: Cannabis-Related Investments

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On May 21, 2024, the Drug Enforcement Agency (DEA) filed the Proposed Rule to move marijuana from Schedule I of the Controlled Substances Act (CSA) to Schedule III of the CSA. In light of the rescheduling marijuana news,...more

Bradley Arant Boult Cummings LLP

Blazing Trails: Exploring ESOPs in the Cannabis Industry

The budding cannabis industry, despite its rapid growth and gradual acceptance in recent years, still faces a major sustainability challenge: Cannabis businesses cannot deduct most ordinary business expenses. Under Internal...more

Nossaman LLP

[Webinar] Employment & Employee Benefits Law Update: Staying Compliant in 2024 - November 16th, 1:00 pm - 2:30 pm PT

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Join us on November 16, 2023, as Nossaman’s Allison Callaghan, Pavneet Singh Mac, Michelle McCarthy and Julia Botezatu discuss new California employment and employee benefits laws and regulations, as well as recent case law...more

McGlinchey Stafford

Tax Win in Oregon Reminds Cannabis Businesses to Properly Classify Expenses

McGlinchey Stafford on

Tax season is nearly upon us. As cannabis businesses and the professionals who advise them can expect, navigating the variations and even direct conflicts that exist between and among the state and federal authorities that...more

Bond Schoeneck & King PLLC

Tax Tips for New York Cannabis Businesses

Businesses looking to enter New York’s recreational cannabis industry should be pleased to know recent changes to state tax laws are slowly making the venture more financially feasible. Ever since New York passed the...more

Burns & Levinson LLP

There’s Always Certainty in Taxes: IRS Issues Tax Guidance for the Marijuana Industry

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During these unpredictable times, there is certainty in taxes. This month the Internal Revenue Service (“IRS”) posted a dedicated marijuana-industry specific webpage providing general tax guidance and FAQs for the...more

Saul Ewing LLP

IRS Updates Cannabis Tax Guidance Website

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The IRS has updated its website providing general guidance for taxpayers in the cannabis industry. The guidance does not announce any changes in law or enforcement but rather serves as a reminder of important limitations and...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 Strikes a Blow to Medical Marijuana Industry, Although Dissents Offer Some Hope

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As more and more states are allowing legal use of marijuana, medical marijuana businesses are faced with large tax bills because of marijuana’s continued classification as a Schedule I controlled substance under federal law. ...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

Lowndes

Tax Court Decision Another Blow to Medical Marijuana Industry

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The recent Tax Court decision, Alterman v. Commissioner, struck yet another tax blow against the growing medical marijuana industry. ...more

Cozen O'Connor

Federal and Pennsylvania Tax Deduction Limitations on Medical Marijuana Businesses

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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

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