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Internal Revenue Code (IRC) IRC Section 280E

McGlinchey Stafford

Podcast: Denial of Tax Deductions for Marijuana Businesses - Who is this Inter-Loper to Section 280E [More with McGlinchey, Ep....

McGlinchey Stafford on

Has the Supreme Court’s opinion overturning the Chevron doctrine altered the landscape for the denial of tax deductions for marijuana businesses under Section 280E of the Internal Revenue Code? Here to explore that question...more

Holland & Hart LLP

the buzz: Cannabis News & Policy Update - July 2024

Holland & Hart LLP on

Welcome to the buzz, our monthly cannabis news and policy update. Your at-a-glance source for regulatory developments, agency announcements, and trends impacting the cannabis industry. - This month's highlights include: ...more

McDermott Will & Emery

IRC Section 280E Will No Longer Apply if Marijuana Is Rescheduled

McDermott Will & Emery on

On May 16, 2024, the US Department of Justice submitted a Notice of Proposed Rulemaking (NPRM) to reschedule marijuana from Schedule I to Schedule III within the Controlled Substances Act....more

Foley Hoag LLP

Massachusetts May “Decouple” From Section 280E

Foley Hoag LLP on

Section 280E of the Internal Revenue Code provides that no deduction or credit shall be allowed for any amount paid or incurred in carrying on any trade or business if such trade or business consists of trafficking in...more

McDermott Will & Emery

IRS Flexes Its Administrative Summons Power in Recent Tax Case

McDermott Will & Emery on

The United States Court of Appeals for the Tenth Circuit’s recent opinion in Standing Akimbo, LLC v. United States, No. 19-1049 (10th Cir. April 7, 2020), reminds us of the Internal Revenue Service’s (IRS) ability to obtain...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

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

Snell & Wilmer

Retirement Plan Dreams May Go Up in Smoke for Marijuana Companies

Snell & Wilmer on

Companies in the medical and recreational marijuana industry continue to face an uphill battle for access to financial services. Although a number of states have legalized the medicinal and/or recreational use of marijuana,...more

Rosenberg Martin Greenberg LLP

Are Owners of Cannabusinesses Eligible for the Qualified Business Income Deduction Under Section 199A?

Section 199A of the Internal Revenue Code, introduced by the Tax Cuts and Jobs Act (“TCJA”), created an opportunity for business owners to substantially lower their income taxes. Subject to many qualifications, beginning in...more

Rosenberg Martin Greenberg LLP

Loughman Case Illustrates Potential Impact of Entity Choice on Income Tax Liability for Cannabusinesses

Recognition of Internal Revenue Code (“I.R.C.”) § 280E and its potential to limit deductions can have a material impact on the ongoing operation of a cannabusiness. While operational concerns require attention, improper tax...more

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