Tens of millions of dollars in tax savings and a quick increase in available cash are some of the immediate short-term benefits for the five major marijuana multistate operators that have declared their freedom from Section 280E of the Internal Revenue Code.
Boris Jordan is succeeding Matt Darin as CEO at cannabis operator Curaleaf Holdings, which is taking a new tact on its federal tax liability.
Marijuana rescheduling would liberate plant-touching companies from 280E, which prohibits businesses from deducting ordinary expenses.
The IRS is reminding marijuana companies that taxes under Section 280E of the Internal Revenue Code still must be paid because of the drug’s Schedule 1 status.
Tax strategies took the spotlight in fourth-quarter financial reports from publicly traded U.S. cannabis companies.
TerrAscend Corp. is the latest marijuana multistate operator to announce a plan to stop paying taxes owed under Section 280E of the Internal Revenue Code, and an executive hinted at the company’s legal basis for doing so.
Multistate cannabis operator Ascend Wellness Holdings says it has filed amended federal tax returns for several years and expects to receive refunds, becoming the latest U.S. marijuana company to seek the return of tariffs paid under Section 280E of the Internal Revenue Code.
The $143 million question on every marijuana executive’s mind these days is: Should my MJ company consider filing a tax refund claim? The best answer is: Some should.
Marijuana multistate operator Trulieve Cannabis Corp. revealed that it has received $113 million worth of tax refunds as it challenges what it owes under Section 280E of the Internal Revenue Code.
Trulieve Cannabis Corp.’s highly publicized $143 million federal income tax refund claims created a frenzy of hope that seems to offer the marijuana industry a way out. But does it?
Two legal cases have realistic chances of success, meaning cannabis operators should consider filing amended federal tax returns claiming refunds.
If and when rescheduling becomes law, regulated marijuana business owners in the United States would enjoy an enormous tax cut, as the notorious IRS Section 280E would no longer apply.
