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Paid or Incurred: Marijuana Rescheduling, Taxes, and Section 280E

The cannabis industry knows well the economic burden imposed by Section 280E of the Internal Revenue Code of 1986 (Code). It substantially increases the cost of doing business because it disallows deductions for expenses...more

IRS Acknowledges Congressional Reversal On Deducting Eligible PPP Expenses

In a previous alert we reported that the Consolidated Appropriations Act, 2021, which contains The COVID-related Tax Relief Act of 2020, specifically provides that “no deduction shall be denied, no tax attribute shall be...more

Yes, I Can Deduct Expenses Paid With A Forgiven PPP Loan

Congress has overridden the IRS position that expenses paid with PPP loan proceeds cannot be deducted if the PPP loan is forgiven. In our November 20, 2020, alert captioned “Can I Deduct Expenses Paid with a PPP Loan?” we...more

Can I Deduct Expenses Paid With A PPP Loan?

In recently released Revenue Ruling 2020-27, the IRS addressed the following two fact patterns: •First, Maria received a PPP loan in 2020 that she used to pay “Covered Expenses.” Maria meets the requirements for...more

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