Tag: Internal Revenue Service

Tax policies compound headaches for state-legal cannabis operators beyond 280E

The Internal Revenue Service continues to be a thorn in the side of state-legal marijuana businesses, even as their hemp industry cousins largely dodge the taxman’s scrutiny, creating an increasingly lopsided playing field. “Hemp is not subject to 280E, or is at least reasonably interpreted as not being subject to 280E, even if you’re selling […]

Accounting group pushes for clarity as questions around cannabis tax rules mount

The Internal Revenue Service faces mounting pressure to clarify cannabis tax rules, as a key Supreme Court decision threatens to upend the agency’s interpretative authority and rescheduling looms large over the industry. The American Institute of CPAs in a letter this week urged the U.S. Treasury Department and the IRS to provide advance guidance for […]