News & Analysis as of

Marijuana Internal Revenue Service

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

Rivkin Radler LLP

Tax Considerations and the Reclassification of Marijuana – We’re Not There Yet

Rivkin Radler LLP on

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

Mayer Brown on

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

Tax Refunds for Cannabis Businesses? What Is the Story?

Troutman Pepper on

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 

Bricker Graydon LLP on

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

Benesch on

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

Navigating Cryptocurrency in the Marijuana Industry: Risks and Technological Solutions

Troutman Pepper on

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

Frantz Ward LLP on

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

Smith Gambrell Russell

Annual Party Poopers’ Guide to the Holidays: The Office Holiday Party is Back and So Are We

Smith Gambrell Russell on

Over the past two years, employers dealing with the COVID-19 pandemic were forced to hold their holiday celebrations virtually via Zoom, or maybe even scrapped such events altogether given the circumstances. This year,...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

IRS Launches Cannabis Industry-Focused Compliance Initiative

Troutman Pepper on

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

Rivkin Radler LLP on

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

Rivkin Radler LLP on

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

Bailey & Glasser, LLP

The IRS Signals It Will Continue to Challenge Cannabis-Dispensary Business Deductions Under the Biden Administration

Bailey & Glasser, LLP on

The IRS recently indicated that it does not plan to reevaluate its position which precludes cannabis dispensaries from taking deductions for business costs and expenses under Section 280E of the Internal Revenue Code. The...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

Dorsey & Whitney LLP

The “Pot” Thickens – IRS Releases Marijuana Industry Resources

Dorsey & Whitney LLP on

The IRS has released a new webpage dedicated to the marijuana industry to help growers, processors, researchers and retailers understand and comply with their U.S. federal income tax responsibilities. The IRS Marijuana...more

Burns & Levinson LLP

There’s Always Certainty in Taxes: IRS Issues Tax Guidance for the Marijuana Industry

Burns & Levinson LLP on

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

Seyfarth Shaw LLP

The Week in Weed: September 2020 #3

Seyfarth Shaw LLP on

Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana....more

Saul Ewing LLP

IRS Updates Cannabis Tax Guidance Website

Saul Ewing LLP on

The IRS has updated its website providing general guidance for taxpayers in the cannabis industry. The guidance does not announce any changes in law or enforcement but rather serves as a reminder of important limitations and...more

International Cannabis Bar Association...

[Virtual Conference] The Cannabis Law Sessions - June 2nd

Join INCBA for our third annual presentation of The Cannabis Law Sessions. We will present six hours of CLE focused on emerging issues in the US and Global Cannabis Markets - Online Streaming. Curriculum - Cannabis...more

58 Results
 / 
View per page
Page: of 3

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide