Cannabis operators face IRS Revenue Code 280E restrictions, but smart tax planning and strategies allow entrepreneurs to mitigate its impact on their business.
Komorn Law is Michigan’s top cannabis law firms when it comes to licensing, consulting and legal defense.
Call them if you’re thinking about venturing into the marijuana business in Michigan (248) 357-2550
Being a legal cannabis company, you are likely familiar with the IRS Tax Code 280E. This tax code sets forth financial hurdles directly related to the amount of tax liability you owe the government at the end of the year.
From cultivators to retail shop owners, whether operating in the medical or adult-use sector, the burdensome financial implications of 280E pose significant challenges for legal businesses in the cannabis industry. The ambiguity surrounding the IRS guidelines on acceptable business write-offs creates substantial obstacles for company owners, hampering their ability to navigate the complex landscape effectively.
Read the rest of the article and more here at Ganjapreneur
Working With, Not Against, IRS Revenue Code 280E
More Posts
Feds Clarify Doctor Prescribed Medical Cannabis Is No Excuse
The revised federal workplace drug testing guidelines, issued by the Substance Abuse and Mental Health Services Administration (SAMHSA), Department of Health and Human Services (HHS), are intended to provide clarity. These guidelines emphasize that individuals who use...
Stop and Frisk – Terry v. Ohio
Terry v. Ohio (1968)Background On October 31, 1963 while conducting his regular patrol in downtown Cleveland, seasoned Cleveland Police detective Martin McFadden, who brought 39 years of law enforcement experience to the job, observed three men behaving suspiciously...
Can I have open alcohol in a trailer that is being pulled on the road?
Question: Can I have open alcohol in a trailer or camper that is being pulled on the road? Answer: In most instances transporting or possession of open intoxicants in a vehicle is not permitted. MCL 257.624a states in part, "a person who is an operator or occupant...
How Much Does it Cost for an Expungement in Michigan?
Ask yourself - How much is your record costing you not to have it expunged.When you have been convicted of a crime in Michigan, you are likely aware of the negative impact it can have on your life, even after you have knelt in submission, paid the fines, served your...
Pending Charges?
Pending Charges. Don't wait. Get ahead of their game. If you have been arrested but not charged yet. Don't wait while they build evidence and take your statements to use against you! They may just be building a case against you and letting you get more comfortable...
Conspiracy is a Crime
In Michigan, conspiracy is a crime that is defined as "the agreement between two or more persons to commit any crime." The crime of conspiracy could be considered complete even if the actual crime is never committed. Conspiracy is a felony in Michigan, and the...
US Cannabis Industry-Just Another Sinking Ship?
Is the cannabis industry just another sinking ship in the US? This story was picked up out in the cannabis news world. Read it for yourself. Have the end times have begun for US weed companies as the first South American imports are approved by the DEA. The US Federal...
Charged with DUI from Cannabis and this Ends up on the Report
So you got pulled over and charged with DUI from Cannabis use and this ends up on the report 11-Nor-9-carboxy-Δ9-tetrahydrocannabinol (11-COOH-THC or THC-COOH) as part of the test results. What is it?? Here's what they say...
The Marijuana Industry Paid an Extra $1.8 Billion in Federal Taxes Because of the 280E Tax Code
News from the internet Why legalize cannabis when 280E is the gift that keeps on giving to the Federal government? Whitney Economics, a cannabis research firm, recently conducted a comprehensive analysis of the impact of federal taxes on the cannabis industry. The...
DUI in Michigan
DUI in MichiganDriving under the influence (DUI) is a serious offense in Michigan that can result in severe legal consequences. Michigan DUI laws and penalties are designed to prevent impaired driving and keep the roads safe for everyone. From fines and license...
