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Controlled Substances Act › Tax Deductions › Tax Liability

Fox Rothschild LLP

Court Upholds CSA, but Cannabis Businesses Still Have Deduction Options

Fox Rothschild LLP on

A recent 1st U.S. Circuit Court of Appeals ruling upheld a lower court decision that the Controlled Substances Act (CSA) does not violate federal law. The decision stems from Canna Provisions’ lawsuit against the government...more

Rivkin Radler LLP

In NYC, Cannabis Business Expenses Now Deductible

Rivkin Radler LLP on

New York Governor Kathy Hochul signed a bill on Friday, November 20, 2023, that allows New York City cannabis businesses to deduct business expenses paid or incurred in carrying on such business for purposes of determining...more

Seyfarth Shaw LLP

Section 280E – Why Are We Still Having This Discussion?

Seyfarth Shaw LLP on

If you are in the cannabis industry, you should already know Section 280E of the Internal Revenue Code. It consists of only one sentence...more

Foster Garvey PC

A Real Bummer for The Marijuana Industry

Foster Garvey PC on

As a general rule, in accordance with IRC § 162(a), taxpayers are allowed to deduct, for federal income tax purposes, all of the ordinary and necessary expenses they paid or incurred during the taxable year in carrying on a...more

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