I.R.C. § 280E disallows all trade or business expense deductions for a cannabis business even though the cannabis business operates legally under state law. As more “280E Tax Audits” make their way up to the U.S. Tax Court, various creative arguments have been made challenging the constitutionality and legality of § 280E. A recent such […]
Anyone conducting business in cannabis surely knows that under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I controlled substance due to the historical belief that it has a high potential for abuse, no currently accepted medical use in treatment, and lack of accepted safety for use under medical […]
With the legalization of medical and recreational cannabis in California there has been an increase in inquires to our office by people who are just entering into the cannabis market place or looking to provide services to the cannabis market place or looking to bring an existing cannabis operation into legal compliance. We also have […]
What You Need To Know To Deduct Charitable Contributions On Your 2019 Income Tax Return The end of 2019 is coming and so more people are thinking how they can reduced their taxes. The more itemized deductions you can rack up on you individual income tax return, the smaller amount of taxable income you will […]
We previously reported in our blog that the Trump Administration organized a committee of federal agencies from across the government to combat public support for marijuana and cast state legalization measures in a negative light while attempting to portray the drug as a national threat. The IRS appears to be following the agenda of the […]
California Governor Gavin Newsom signed a bill into law that will approve cannabis companies for tax deductions that have otherwise been denied them under IRC Section 280E. This law give legal cannabis businesses a tax break to help them thrive and level the playing field with cannabis businesses that continue to operate in the grey […]
Since 2014 the only guidance issued by IRS on the taxation and reporting of crypto currency was Notice 2014-21. Expanding on this guidance, the IRS issued additional detailed guidance to help taxpayers better understand their reporting obligations for specific transactions involving virtual currency. The new guidance includes Revenue Ruling 2019-24 and frequently asked questions (FAQs). […]
Updated Facts To Know When The IRS Sends A Private Debt Collection Service To Collect On IRS Debt You would think that with all the fraudulent calls being made by parties presented themselves as working for the IRS to scam taxpayers out of money, the IRS would crackdown on this problem and tighten its reins. […]
In an article published July 22, 2019 in High Times, it is reported that an Orlando, Florida cannabis church known as “Reflections Ministry” is producing a new cannabis-inspired multi-sensory experience blending music, light, live performers, and theatrical effects with a spiritual message about overcoming life’s obstacles. The production, titled “The Reflections Show,” was created by […]
Under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I controlled substance due to the historical belief that it has a high potential for abuse, no currently accepted medical use in treatment, and lack of accepted safety for use under medical supervision. The federal penalties for possession of any […]
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