logo

280E issues

Before I get to my business intel, you should know that the personal tax world was roiling late last week over some fraud detected from within TurboTax. Here is the Story: http://www.forbes.com/sites/kellyphillipserb/2015/02/06/turbotax-temporarily-halts-e-filing-in-all-states-amid-fraud-concerns/ Essentially, the makers of the software detected a level of fraud occurring in state tax return submissions that made them decide to completely shut down submission of those returns for a period of time. Eventually, they determined that the apparent source of the fraud was 
Read more
Tax attorney - Robert W. Woods, states: "Sales tax isn’t the only issue. As I noted here, the IRS also has issues with medical marijuana. Under federal tax law, Internal Revenue Code Section 280E precludes deductions for any business trafficking in controlled substances. For that reason, some dispensaries have been stuck paying tax on their gross income, not on their net after expenses!
Read more
Latest Blog Post List
All Articles by Month
Sign Up For Updates




Upcoming Events
Sep
23
Mon
2019
10:00 am Cannabis Dispensary Employee Tra... @ 420 College
Cannabis Dispensary Employee Tra... @ 420 College
Sep 23 @ 10:00 am – Sep 28 @ 2:17 am
Cannabis Dispensary Employee Training in Los Angeles @ 420 College
Cannabis Dispensary Employee Training – Los Angeles   If you want to work in a cannabis dispensary, get 420 College certified.  Sign up for our courses for Cannabis Dispensary Businesses – employee training, 40 hours. These courses are aimed towards anyone that is looking to work in a cannabis dispensary. Our employee training course covers: Office Administration Inventory Management Delivery/transporters Metric system Budtender Compliance You will need to complete the full 40 hours in order