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 assisting companies in the cannabis industry with tax planning, transactional matters, IRS examinations, and other tax compliance matters. Over at Fox Rothschild’s Tax Controversy and
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 Collective Corp. v. Comm’r, 151 T.C. No. 11, the taxpayer made a litany of arguments to convince the court that their business, or
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 Marijuana Act (the “Act”) provides that until November 2018, only registered marijuana certificate holders may apply for recreational retail marijuana establishment licenses. The Nevada Department
So Why Should You Care About 280E
For the latest analysis of the implications of IRC 280E, check out this blog from Jennifer Benda.
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.
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 Health Concepts, LLC. The IRS examined THC’s 2009 through 2011 tax returns. As a result of the examination, the IRS adjusted the member taxpayers’ returns
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 bill legalizing cannabis in New Jersey. In a statement announcing the bill in mid-May, Senator Scutari, the bill’s sponsor, stated, “Now is the time to
Clock Runs Out on Medical Marijuana in the Florida Legislature
See my posts here, here, and here regarding the Florida Legislature’s efforts to pass laws to implement Amendment 2 (medical marijuana passed by Florida’s voters in November 2016).
Unless a special session is called, the Florida Legislature closes out this session with no agreement on medical marijuana. Issues related to the number
Trying to Beat the Buzzer – Florida Senate Passes Medical Marijuana Bill
With time running out in the session, Florida’s Senate passed SB 406 (regulations to implement Amendment 2) late last night. Now, the Florida Senate and House need to work out their differences, see my recent post on the House Bill.
Florida’s Senate and House have reached agreement on the following:
- No smoking, but yes to
Jennifer Benda Speaks About IRC Section 280E And IRS Enforcement
On May 10, 2017, our partner, Jennifer Benda, will be speaking at a Colorado Bar Association event in Denver. She will be presenting an overview of federal taxation of marijuana, as well as a discussion of IRS enforcement issues for marijuana companies. For more information, call 303-860-1115, X727