Justin will update the cannabis industry on the evolving landscape surrounding IRC §280E, including how tax and legal professionals are responding as federal policy and litigation continue to develop. He will explain why a growing number of practitioners believe that 280E should not apply ahead of federal rescheduling, even as the IRS continues to reiterate its position that it does.
The webinar will include a status update on the pending Tax Court case New Mexico Top Organics v. Commissioner, including the potential outcomes and why the case may have significant implications for whether cannabis businesses should continue paying tax on phantom income while the matter remains unresolved.
Justin will also discuss real-world results from amending prior-year tax returns to recapture previously disallowed deductions and pursue refunds. He will cover the importance of paying attention to statutes of limitation, the pros and cons of amending, the use of protective refund claims, and considerations for filing going forward without proactively reducing deductions under 280E in advance of rescheduling.
