Cannabis and the Code: Listen to Our Podcasts on the Treatment of Cannabis

Practical Guidance now has podcasts and curated Law360 podcasts. This particular podcast is part of a series concerning cannabis, including how the Internal Revenue Code treats as nondeductible (under I.R.C. Section 280E) most expenses related to a cannabis business. This is because, on the federal level, cannabis remains illegal, creating problems preparing federal income tax returns for businesses in the industry and wreaking audit surprises.

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Related Content

• Cannabis Law Practice Overview
  Expand your knowledge of the legal issues related to cannabis that generally arise across all jurisdictions.

• Cannabis Taxation: The Grass Is Not Always Greener (CA)
  Learn more about cannabis and taxation by reading this article which discusses the taxation of cannabis in California. The article includes an analysis of sales tax, excise tax, state cultivation tax, state income and franchise tax, and what this all means for a recreational cannabis business.

• Cannabis Resource Kit
  Review this cross-practice area resource kit providing an overview of materials on cannabis in many Practical Guidance practice areas, including Bankruptcy, Commercial Transactions, Corporate and M&A, Finance, Financial Services Regulation, Insurance, Intellectual Property & Technology, Labor & Employment, Life Sciences, Real Estate, and Tax. 

Practical Guidance Updates 
Featuring the latest updates from your Practical Guidance account.    

• Tax Key Legal Developments Tracker (Federal)
  Stay informed on new developments: 
• Business Entities. IRS and Treasury correct final regulations (T.D. 9969) published in the Federal Register on December 9, 2022. The correction contains final regulations that except certain partnership-related items from the centralized partnership audit regime created by the Bipartisan Budget Act of 2015, and sets forth alternative rules that will apply to the examination of excepted items by the IRS. Treatment of Special Enforcement Matters; Correction, T.D. 9969, 88 Fed. Reg. 755, 756 (Jan. 5, 2023).
• Practice, Procedure and Controversy. IRS updates procedures for furnishing technical advice thereby superseding  Proc. 2022-2. Rev. Proc. 2023-2.
• Document alerts allow you to stay current on legal developments that affect your practice. Find out how to set up your document alerts. 
• The Practical Guidance Journal Climate Change Special Edition features guidance on insuring for climate change, renewable energy initiatives, and a guide for public and private projects related to sea level rise.
• Legal Developments provide the latest updates and analyses of emerging topics impacting your practice area. Visit the Legal Developments page to see the latest topics, which also include breaking legal news and related Practical Guidance content. 
• Listen Up! The Practical Guidance and Law360 Podcasts Resource Kit features interviews with industry-leading attorneys on cutting edge issues in the law: NFTs, Cannabis, COVID-19, and more.
• Check out the new Practical Guidance Author Center! Learn about the 1750+ leading attorney authors contributing to our 22 practice areas and find out how you can Become a Practical Guidance Author. 

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  • KPMG report: Accounting Method Changes to R&E Expenses under Rev. Procs. 2023-8 and 2023-11
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  • Top Federal Tax Cases of 2022

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