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Marijuana Related Businesses Tax Planning

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

Troutman Pepper

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

Greenberg Glusker LLP

Lower Taxes, More Problems? Unpacking the Impact of AB195 on California’s Cannabis Industry

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California has finally enacted a law, AB195, that provides tax relief for cannabis distributers. But what might seem at first glance to be a win for the cannabis industry potentially complicates things for retailers and...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

Oberheiden P.C.

Eleven of the IRS's Enforcement Priorities During the 2021 Tax Season

Oberheiden P.C. on

It is tax season once again. While the Internal Revenue Service (IRS) has extended this year’s filing deadline to May 17, 2021 for individuals, businesses must still file by April 15, and all U.S. taxpayers must ensure that...more

Partridge Snow & Hahn LLP

Internal Revenue Service Clarifies Tax Rule for Marijuana Industry

The Internal Revenue Service (IRS) issued guidance on Thursday, September 10, 2020, to marijuana businesses. The new guidance does not change existing IRS rules, but briefly explains the rules for reporting income, paying...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

Bradley Arant Boult Cummings LLP

10 Legal Considerations When Starting A Hemp Business In Tennessee

Tennessee’s hemp industry is growing fast, and you want in on the action. You have your big idea and a business plan ready. But at some point, you begin to wonder whether you should be thinking about any legal issues as you...more

Ward and Smith, P.A.

Five Things to Consider When Selling Your CBD Business

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For many business owners, the intended exit strategy is to sell to a competitor or a larger company, thereby taking advantage of the upside on the value they have created through years of diligent and hard work building a...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

Bradley Arant Boult Cummings LLP

Growing Pains with Medical Marijuana Taxation - Cannabis Industry News Alert

More and more states across the South are adopting medical marijuana regimes. With this growth comes growing pains. One such pain for marijuana businesses is the tension between following state laws on a product that is still...more

Seyfarth Shaw LLP

The Week in Weed: November 2019 #5

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Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. Those in the marijuana industry in California will face a higher tax bill in January.  The 15% tax rate will...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

International Cannabis Bar Association...

[Event] The Cannabis Law Sessions: Liquidity Events - December 10th, Las Vegas, NV

New this year, we will be presenting legal education in Las Vegas in conjunction with MJBizCon. We are incredibly excited to finish off our educational year speaking about liquidity events for your clients - how to make an...more

Foster Garvey PC

Short-Term Rental Update: L.A. approves regulations for short-term rentals; Las Vegas Council new rule called ‘A Ban In Disguise’...

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In our Short-Term Rental Update this week, we focus on developments in the industry. New regulations in Los Angeles, which are expected to go into effect in July 2019, will prohibit “rogue hotels” but allow limited...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

Foster Garvey PC

The IRS and the Controlled Substance Act

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Two recent District Court cases, High Desert Relief, Inc. v. United States of America and Alpenglow Botanicals, LLC et. al. v. United States of America have raised a novel issue in the IRS’s audits of cannabis businesses....more

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