Cannabis is a Schedule 1 controlled substance and that makes cannabis businesses subject to IRC 280e.
But does 280e apply to legal cannabis businesses and how do they try to protect themselves in an IRS audit situation?
Those are two great questions and a new tax court ruling that came out in October 2019 gives some guidance as to where the tax courts stand on this.
In this episode, we will explore:
- What happened and the facts of the case
- Main takeaways
- Things to remember and integrate into YOUR cannabis business
If you need a cannabis CPA and help with your cannabis business taxes, then please reach out to us at: https://GreenGrowthCPAs.com/get-started or call 800-674-9050.