A subsidiary of California-based cannabis retailer Harborside must pay nearly $4.2 million in back taxes and penalties after losing a case in U.S. Tax Court. The Tax Court determined in a decision issued Wednesday that San Jose Wellness, the Harborside subsidiary,...
Hoped-for guidance for cannabis companies affected by Section 280E of the federal tax code won’t be published anytime soon, an IRS attorney said recently. According to Bloomberg Tax, the federal agency is more focused on coronavirus-relief issues and guidance related...
A California cannabis business is taking its fight over a $1.3 million tax bill to the U.S. Supreme Court after losing a lower-court ruling based on the company filing its challenge to the U.S. Tax Court one day late. Organic Cannabis Foundation, which does business...
A Colorado medical cannabis dispensary is asking the U.S. Supreme Court to review a lower-court decision that allowed the IRS to obtain business records in order to apply the onerous 280E provision of the tax code. The filing this week is a long shot, but it’s the...
To assist the national marijuana industry in paying its federal taxes, the Internal Revenue Service issued a series of guidance documents that apparently are aimed at clarifying the process for businesses. The IRS announced the guidance via Twitter on Friday and wrote...
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