IRS reiterates its position on 280E. The IRS recently issued a press release reminding taxpayers that until a final federal rule is published on the reclassification of cannabis to Schedule 3, 280E remains in effect. In the meantime, a few of the Multi-State Operators (MSOs) have filed amended returns seeking refunds for 280E tax previously paid. Per the IRS, “the grounds for filing such claims vary, but these claims are not valid. The IRS is taking steps to address these claims.”
Earlier this year, we hosted a webinar with Michael Harlow, CPA – CohnReznik, and Nate Pollock, Esq. – SouthBank Legal. Replay