News & Analysis as of

Controlled Substances Act Tax Court

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

ArentFox Schiff

Federal Tax Court Clarifies Cannabis Income Tax Liability

ArentFox Schiff on

To change its method of accounting, a taxpayer must receive consent from the IRS and should provide evidence showing the change in business activity, so that the IRS can confirm that the change in method of accounting will...more

Burns & Levinson LLP

Briefly: Harborside

Burns & Levinson LLP on

It’s a new year, but why not live in the past just long enough to talk briefly about that last couple of Section 280E cases that trickled in at the end of 2018? Today, I’m reviewing the two Harborside cases....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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