Because of IRC Section 280E, accounting and tax planning are two essential functions of operating a viable cannabis businesses. Over at our Tax Controversy Blog, Fox Partner Jennifer Benda discusses the importance of a recent Tax Court decision which held that a management company established for the purpose of providing employees to work at a licensed dispensary, but which itself did not hold a license to dispense cannabis, was subject to Section 280E.
The case is Alternative Health Care Advocates v. Comm’r
Check out Jennifer’s post for more details and guidance!