Cannabis Businesses Getting Ready To Prepare Your 2018 Tax Returns – Don’t Miss Out On These Tax Benefits! The Tax Cuts And Jobs Act Of 2017 (“TCJA”) was signed into law by President Trump on December 22, 2017. It has been a good 30 years since the last time the...
Portland Cannabis Business Owner Receives Federal Prison Sentence For Tax Crimes The U.S. Attorney’s Office for the District Of Oregon announced on September 17, 2018 in a press release that Matthew Price, age 32, of Portland, was sentenced to seven months in federal...
Senator Introduces Cannabis Legalization Bills – 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 it has a high potential...
Congressman Introduces Cannabis Legalization Bill H.R. 420 – 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 it has a...
New Congressional Cannabis Caucus Co-Chairs Announced The departure of Representatives Jared Polis and Dana Rohrabacher from Congress left vacant two seats on the bipartisan Congressional Cannabis Caucus (the “Caucus”) so on January 9, 2019, the new leadership team of...
U.S. Tax Court Deals Another Blow To The Cannabis Industry The Federal Controlled Substances Act (“CSA”) 21 U.S.C. § 812 classifies marijuana as a Schedule 1 substance with a high potential for abuse, no currently accepted medical use in treatment, and lack of...
Harborside Finally Gets A Win In U.S. Tax Court Getting Tax Penalties Abated Having been beaten in an opinion issued by the U.S. Tax Court just weeks before where the Court ruled that IRC §280E does apply to Harborside (Click here for the Court’s opinion: Patients...
President Trump Signs 2018 Farm Bill Legalizing Hemp, Will Cannabis Follow? Every five years, Congress passes legislation that sets national agriculture, nutrition, conservation, and forestry policy, commonly referred to as the “Farm Bill”. On December 20, 2018...
Cannabis Businesses – Avoid A Big Tax Bill, Don’t Put Off Year End Tax Planning. Tax planning is a critical consideration for any individual or business, but this is especially true if you currently operate or plan to start a cannabis business. While it is best to be...
IRS Announces Its Position On Cannabis – Could 2019 Be A Banner Year For IRS Audits Of Cannabis Businesses? We previously reported in our blog that the Trump Administration organized a committee of federal agencies from across the government to combat public support...
