I have written before about the battles being fought by cannabis businesses facing IRS examinations. IRS audits raise many issues for state legal cannabis businesses operating in violation of the
Continue Reading Tenth Circuit: No Fifth Amendment Defense to the Application of Section 280E
Tax Court: Section 280E Can Apply to Non-Licensed Taxpayers Engaged in Cannabis Businesses
Yesterday the Tax Court issued two decisions discussing the impact of Section 280E on cannabis businesses. One of these cases addresses the application of Section 280E to licensed and non-licensed
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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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Like-kind Exchanges Limited to Real Property
The IRS recently reminded taxpayers that like-kind exchanges are now generally only available for exchanges of real property. This change was enacted as part of the Tax Cuts and Jobs
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New Jersey Offers Tax Amnesty Program
New Jersey recently announced the New Jersey Tax Amnesty program. The New Jersey Division of Taxation has indicated that both individuals and businesses may qualify for the program. The amnesty
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New Law Eases Requirements for Combat-Zone Contractors to Claim Foreign Earned Income Exclusion
The Bipartisan Budget Act of 2018 eases the requirements for combat-zone contractors to claim the foreign earned income exclusion. A U.S. citizen is generally taxed on his worldwide income. The
Continue Reading New Law Eases Requirements for Combat-Zone Contractors to Claim Foreign Earned Income Exclusion
An Update on Litigation of Cannabis Business Tax Issues
I have recently penned a Law360 article discussing lessons learned from recent tax decisions impacting cannabis businesses. We will continue to cover this topic on this blog.
To be alerted
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Section 280E and the Harsh Reality of Double Taxation
There is not too much to say about the Tax Court’s latest decision involving a marijuana company. In Loughman v. Commissioner, T.C. Memo 2018-85, the operators of a Colorado
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The High Tax Compliance Burden For Cannabis Businesses
Yesterday, the Tax Court issued its opinion in Alterman v. Commissioner, T.C. Memo 2018-83. This case involved the operation of a medical marijuana dispensary which was reported on Schedule
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IRS Guidance to Field: Deep Clean Equipment Used in Cannabis Businesses Before Selling
Attorneys representing cannabis businesses are often faced with questions about what happens when the cannabis business has not paid its taxes and the IRS is proceeding with collection actions. No
Continue Reading IRS Guidance to Field: Deep Clean Equipment Used in Cannabis Businesses Before Selling