IRS Tells Cannabis Firms That 280E Tax Deductions Are Unavailable Till CSA Reclassification Complete

July 3, 2024 10:05:00


In a recent press release, the Internal Revenue Service advised that cannabis companies refrain from taking federal tax deductions for business expenses. While these deductions are provided for other businesses under section 280E, cannabis businesses aren’t allowed to mainly because the drug is still a controlled substance.

Section 280E doesn’t allow credits or deductions for any amount incurred or paid in conducting any business or trade that includes trafficking a…

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