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420 with CNW — IRS to Keep Applying 280E Until Marijuana Reclassification Completed

The U.S. Internal Revenue Service (IRS) intends to continue seeking tax payments from cannabis businesses that have taken deductions in anticipation of possible federal changes, according to an attorney with the agency. Even if marijuana is rescheduled federally, the IRS could theoretically seize assets from marijuana companies that fail to meet their tax obligations.

Luke Ortner, IRS senior counsel, spoke about the possible effects of rescheduling marijuana from schedule 1 to 3 under the Controlled Substances Act (CSA) in a…

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of an article each business day at 4:20 p.m. Eastern – a tribute to the time synonymous with cannabis culture. The concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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