On Tuesday, November 3, 2015, Husch Blackwell will host a seminar on Section 280E tax deductions and best practices for cannabis businesses. Section 280E forbids businesses from deducting otherwise ordinary business expenses (advertising expenses, insurance, employee wages, etc.) from gross income associated with the “trafficking” of Schedule I or II substances. The IRS has subsequently
Section 280E – The Downfall of the Cannabis Industry?
By Steve Levine on
Posted in General Industry
We are all aware that a state-legal marijuana business is illegal under federal law and cannabis businesses deal with this dichotomy between state and federal law on a daily basis. Unfortunately, the fact that a cannabis business is federally illegal does not alleviate the obligation to pay federal income tax because the tax code does…