Another Cannabis Business Hit Hard By I.R.C. Section 280E In U.S. Tax Court I.R.C. § 280E disallows all trade or business expense deductions for a cannabis business even though the cannabis business operates legally under state law. As more “280E Tax Audits” make...
Kern County Sheriff’s Office Seizes 10 Million Marijuana Plants In 11 Hemp Fields Anyone conducting business in cannabis surely knows that under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I controlled substance due to...
IRS Targeting Cannabis Businesses With “280E Audits” We previously reported in our blog that the Trump Administration organized a committee of federal agencies from across the government to combat public support for marijuana and cast state legalization measures in a...
California Cannabis Tax Relief Is Here! California Governor Gavin Newsom signed a bill into law that will approve cannabis companies for tax deductions that have otherwise been denied them under IRC Section 280E. This law give legal cannabis businesses a tax break to...
Cannabis Church Going High Tech To Become A New Orlando Florida Attraction. In an article published July 22, 2019 in High Times, it is reported that an Orlando, Florida cannabis church known as “Reflections Ministry” is producing a new cannabis-inspired multi-sensory...
SAFE Banking Act Passes The House To End Cannabis Banking Prohibition – If You Can’t Beat Them, Then Join Them! Under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I controlled substance due to the historical belief that...
Under Pressure By California, Weedmaps Boots Unlicensed Cannabis Businesses According to reports from the Sacramento Bee and Marijuana Business Daily, Lori Ajax, chief of the California Bureau Of Cannabis Control, issued on February 16, 2018 a cease and desist order...
West Hollywood To Open Its First Cannabis Cafe. In an article published August 15, 2019 in the Washington Post, it is reported that the first cannabis restaurant is coming to West Hollywood, California. Lowell Farms cannabis cafe, a 220-seat establishment as a place...
Santa Barbara County Police Shuts Down Illegal Cannabis Operations Anyone conducting business in cannabis surely knows that under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I controlled substance due to the historical...
Why Taxpayers Involved In Offshore Accounts, Crypto-Currency Or Cannabis Should Be Filing An Extension For Their 2018 Income Tax Returns. If you did not report your offshore accounts, crypto currency income or cannabis income earned before 2018, you should hold off on...
