420 With CNW - IRS To Keep Applying 280E Until Marijuana Reclassification Completed

10/2/2024 11:06:27 PM

(MENAFN- Investor Brand Network) 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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