A new U.S. Tax Court case, New Mexico Top Organics, Inc. d/b/a Ultra Health v. Commissioner, could reshape how Section 280E of the U.S. tax code applies to state-legal
Continue Reading A New Challenge to Section 280E Could Result in Lower Taxes for State-Legal Medical Cannabis Businesses
Thirty-two Attorneys General Press Congress to Finally Pass the SAFER Banking Act to Protect Cannabis Businesses and Communities
A bipartisan coalition of 32 state and territory attorneys general is urging Congress to pass the SAFER Banking Act, which would allow financial institutions to serve state-licensed cannabis businesses. The current cash-only environment puts businesses, employees, and communities at risk, while also hindering tax collection and economic growth. The SAFER Banking Act aims to resolve these issues by moving cannabis business funds into the regulated banking system, increasing transparency and safety without changing federal legalization policy.
IRS Issues New Guidance for Cannabis Companies That Receive Over $10K in Cash
The IRS’s Office of Chief Counsel recently published a memorandum providing information for cannabis companies struggling to comply with the completion of Form 8300, which must be filed every time
Continue Reading IRS Issues New Guidance for Cannabis Companies That Receive Over $10K in CashTenth Circuit: No Fifth Amendment Defense to the Application of Section 280E
Jennifer Benda, a Partner in Fox’s Denver, CO office, is an experienced tax attorney who handles tax controversy and income tax planning and compliance matters. She has significant experience
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Section 280E Litigation Update: Harsh Results for Resellers
In the latest Tax Court opinion addressing the application of Section 280E to cannabis businesses there is no good news. However, there is some new guidance. In Patients Mutual Assistance
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Nevada To Begin Accepting Recreational Retail Marijuana Establishment Applications Sooner than Expected
Nevada legalized the recreational adult-use of marijuana on July 1, 2017 and the state has generated millions in tax revenue as a result. Nonetheless, the Nevada Regulation and Taxation of
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So Why Should You Care About 280E
For the latest analysis of the implications of IRC 280E, check out this blog from Jennifer Benda.
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Tax Controversy For Cannabis Businesses
Jennifer Benda wrote a recent blog on tax controversy in the cannabis business space. This is an important issue for anyone in the business. Check it our here.
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IRS Audits of Cannabis Companies and the Importance of Documentation
Today, the Tax Court issued its opinion in Feinberg v. Commissioner, a case involving an ongoing and hard fought battle between the IRS and a medical marijuana dispensary, Total
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Marijuana Legalization Moves Forward in New Jersey
In advance of a Senate Judiciary Committee hearing held June 19, 2017, New Jersey State Senator Nick Scutari released the text of Senate, No. 3195, or SB 3195, the long-awaited
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