The National Law Review writes..”Due to the COVID-19 virus-related filing and payment extensions recently announced by the U.S. Treasury Department and IRS, taxpayers now have an additional three months until July 15, 2020 – to prepare and file their 2019 federal income tax returns. Cannabusinesses of all types, particularly those involved in the manufacture and purchase of products for resale, should use their extra tax planning time to review their 2019 expenses with their tax preparers to ensure they are reducing their taxable income as much as legally permissible, given the ongoing disallowance on business expense deductions imposed by Section 280E of the federal tax code.”

“On Tuesday, the board authorized Melekian’s office to draw up a memorandum of understanding with the state Department of Food and Agriculture for use of its “Track-and-Trace” database for 60 days. As part of this pilot program, the county will investigate 250 state cannabis licenses in unincorporated areas, beginning later this year. “

SF Blog writes, “California’s craft growers say that playing by the rules is forcing them out of business.”

Santa Barbara County’s cannabis tax revenues for the second quarter of fiscal year 2019-20, from Oct. 1 through Dec. 31, rose 13% over the same period last fiscal year, and if the trend continues, revenues for the entire fiscal year could exceed that of last fiscal year by $3.3 million, according to a report from the County Executive Office.

In 1982, Congress enacted Sec. 280E, which reversed a Tax Court decision (Edmondson, T.C. Memo. 1981-623) that had allowed deductions incurred in carrying on the production, distribution, and sale of controlled substances. Sec. 280E reads:

CPA Dean Guske shares what businesses should be aware of in the wake of the government’s announcement that tax payments can be delayed until July 15 amid coronavirus concerns.

Kevin Thorn writes…..Do you own a cannabis business in Massachusetts? A well-versed Boston tax attorney explains what you need to know about the tax laws related to cannabis.

Last week, the California Department of Tax and Fee Administration (CDTFA) announced that as of February 18, 2020, cannabis tax revenues have totaled $1.03 billion since retail pot sales became legal in January 2018. 

California has raised $1 billion in cannabis tax revenue since the industry kicked into gear in January 2018, according to figures recently released by the state.

Public Radio Tulsa reports….A bill that redirects medical marijuana tax revenue dedicated to education from Oklahoma’s General Fund has passed the Senate.