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Internal Revenue Service Marijuana

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Seyfarth Shaw LLP

The Week in Weed: February 2025 # 2

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Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. This week, we look at a new proposal that would prevent cannabis companies from deducting business expenses, even if...more

Bradley Arant Boult Cummings LLP

Not Cool, Man: Senate Proposal to Expand 280E Taxes on Cannabis Businesses Even if Rescheduled

Anyone who thought that the momentum towards federal liberalization of marijuana would be a straight line found themselves with a cold dash of water to the face. Late last week Republican senators filed a bill, entitled the...more

Holland & Hart LLP

the buzz: Cannabis News & Policy Update | February 2025 Special Tax Edition

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Welcome to the buzz: Special Tax Edition. April 15 is just over two months away. This Special Tax Edition includes practical considerations to help you prepare for tax filing season, including: A former DOJ attorney...more

ArentFox Schiff

Federal Cannabis Regulation - What to Expect in 2025

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On January 13, the chief administrative law judge of the US Drug Enforcement Administration (DEA), John Mulrooney, postponed the highly anticipated hearing on the rescheduling of cannabis under the Controlled Substances Act...more

Holland & Hart LLP

the buzz: Cannabis News & Policy Update | January 2025

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Welcome back 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. In this edition of the buzz,...more

Husch Blackwell LLP

Cannabis Trends in 2025

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2024 was a primarily lean and flat year for the U.S. cannabis industry. The state-legal cannabis industry has been volatile from its inception, and 2024 represented a year of winnowing with many cannabis businesses failing....more

Holland & Hart LLP

Are Republicans Friend or Foe of the State-Regulated Marijuana Industry?

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With Republicans’ new trifecta of control over the White House, U.S. Senate and House of Representatives, it’s likely federal marijuana policy will change. But what could – or should – federal marijuana policy look like...more

Holland & Hart LLP

the buzz: Cannabis News & Policy Update - October 2024

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Welcome back 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. In this pre-election edition...more

Holland & Hart LLP

the buzz: Cannabis News & Policy Update - July 2024

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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

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...

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

Mayer Brown

Bill & Ted’s Excellent Legislation: 2024 Cannabis Tax Developments

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In 1989’s Bill & Ted’s Excellent Adventure, Keanu Reeves plays a stoner who gets caught up in historical shenanigans. By 2014, Mr. Reeves progressed past his teenage high jinks to become a James Bond-like action hero in his...more

Foley Hoag LLP - Cannabis and the Law

The DEA’s Rule to Reschedule Cannabis to Schedule III: Process and Timeline

On April 30, 2024, the Associated Press (AP) reported the Drug Enforcement Administration (DEA) will propose a rule to reschedule cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA). More...more

Lowenstein Sandler LLP

Historic Shift in U.S. Drug Policy: DEA Proposes to Reclassify Marijuana

The U.S. Drug Enforcement Administration (DEA) is on the brink of reclassifying marijuana, marking a watershed moment in American drug policy. For decades, marijuana has been classified as a Schedule I drug, alongside...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

DOJ Plans to Reclassify Marijuana From Schedule I to Lower-Risk Schedule III Drug

On April 30, 2024, following a months-long process, the U.S. Department of Justice (DOJ) circulated a proposal to reclassify marijuana from a Schedule I to a Schedule III controlled substance. ...more

Troutman Pepper Locke

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

Bricker Graydon LLP

DEA Reschedules Marijuana 

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After a recommendation from the US Department of Health and Human Services, and after more than 50 years, the DEA decided to reschedule marijuana from Schedule I to Schedule III under The Controlled Substances Act (CSA)....more

Benesch

Cannabis Predictions for 2024

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It’s 2024, and while nothing ever stays the same in the world of cannabis, in a lot of ways, 2024 feels just like 2023, and 2022....more

Troutman Pepper Locke

Navigating Cryptocurrency in the Marijuana Industry: Risks and Technological Solutions

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The marijuana industry has seen exponential growth over the past few years. However, the federal prohibition of marijuana poses significant challenges for businesses in this sector, in terms of payment processing and banking....more

Frantz Ward LLP

Psychoactive Sanctuary: Religious Attempts to Circumvent the CSA

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Some scholars say early spiritual practices regularly involved sacraments that elicited psychedelic experiences. See, e.g., Brian C. Muraresku, The Immortality Key: The Secret History of the Religion with No Name (2020)....more

Brownstein Hyatt Farber Schreck

Taxation & Representation, November 17, 2021

Tax Tidbit - Bipartisan Infrastructure Bill Becomes Law. On Monday, President Joe Biden signed into law the Infrastructure Investment and Jobs Act, which contains $1.2 trillion in funding for traditional infrastructure...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights, Issue 9

Top IRS Official Says Marijuana Banking Reform Would Help Feds ‘Get Paid’ - "IRS’s Cassidy Collins talked about the 'special type of collection challenge' that the agency faces when it comes to working with cannabis...more

Troutman Pepper Locke

IRS Launches Cannabis Industry-Focused Compliance Initiative

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It is widely known that trafficking in controlled substances is a crime under federal law. Traffickers and would-be traffickers be warned, however, that if you do choose to make income from trafficking in Schedule I or II...more

Rivkin Radler LLP

Partners, S Corp. Shareholders And Biden’s 2022 Revenue Proposal: No More Business As Usual

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What A Ride- No one anticipated that the Administration’s proposed tax increases would fly through Congress easily – at least no one residing in a state in which the recreational use of marijuana has not been legalized....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

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