IRS Warns Marijuana Firms
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•IRS warns marijuana businesses that some have filled out a form to claim tax deductions they’re not eligible for under 280E
72% Informative
Marijuana businesses are prohibited from taking federal tax deductions for activities involving Schedule I and Schedule II substances.
A provision known as 280E prevents those businesses from taking deductions under the Controlled Substances Act (CSA) IRS says some cannabis firms have filled out a form without a “reasonable basis” in an attempt to take deductions.
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