Facts / Summary / Overview: Internal Revenue Code (IRC) section 280E unfortunately still limits the deduction of expense other than Cost of Goods Sold (COGS) for the Cannabis industry. This is true even if the state has legalized Cannabis. It does not seem fair, but currently...
The U.S. House of Representatives passed a crucial part of President Biden’s agenda by a vote of 220-213 on November 19. The Build Back Better Act (BBBA) includes numerous provisions related to areas ranging from health care, climate change and immigration to education, social programs and,...
Does IRC section 471(c) allow an opportunity for a Cannabis retailer to get around IRC section 280E? I’m been hearing and reading many articles in the industry that this fairly new law Internal Revenue Code Section (IRC) 471(c) allows a business that generates under $25MM...
Five-Minute Tax Briefing® July 13, 2021 No. 2021-13 Item for Wednesday, July 7, 2021 New Vehicles Added for Plug-in Vehicle Credit: IRC Sec. 30D(a) provides a credit to the purchaser of a qualified plug-in electric drive motor vehicle, including passenger vehicles and light trucks. The credit allowed is...
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The moment everyone has been waiting for is here: New York has legalized recreational cannabis sales. With Virginia and several other states also signing adult-use cannabis into law this spring, that makes 18 states opening up to legalization. The country seems on the crest of...
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Major Cannabis Operators Are Planting Flags In The Lone Star State Ahead Of Key Cannabis Legislation Being Passed Into Law - Technical420 https://bit.ly/3xlG93k ...
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