June 30 NCIA: Fireside Chats with NCIA’s Government Relations Team: One for You, Nineteen for Me – Let’s Talk Section 280E!

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The Fireside Chat series of NCIA’s #IndustryEssentials webinars are an exclusive monthly opportunity for NCIA members to hear from our government relations team and guests about the latest developments in federal policy LIVE.

Tax day’s deadline extension this year was met with near universal support, but the extra month doesn’t change the cannabis industry’s biggest tax woe: IRC Section 280E.

Section 280E of the Internal Revenue Code prohibits any company that traffics in a Schedule I or Schedule II controlled substance from taking standard business deductions on their federal taxes. The result? State-legal marijuana companies often pay up to an 80%-90% tax rate to the IRS.

However, new bombshell reporting from Marijuana Business Daily details the extent to which the IRS is going to collect these taxes. The US Census Bureau recently announced that they will begin to collect marijuana tax revenue numbers from legal states. And, in March, the Congressional Research Service released their latest report on 280E. Clearly, policymakers are interested in cannabis tax policy, but to what end?

Dive deep with Mike and Michelle as they’re joined by an all-star panel of accounting experts & operators to talk all things 280E. How is the IRS enforcing it? What do you need to be aware of in terms of audits? Is 280E retroactivity a possibility post-legalization? How are policymakers viewing cannabis tax revenue? What is considered “cost of goods sold”? How have the courts ruled on 280E? Is there a fix possible? And, of course– what does it all mean for cannabis policy reform? Our expert panel will answer all of these questions and more, so don’t miss out– register now!

Panelists:
• Michael Correia, Director of Government Relations, NCIA
• Michelle Rutter Friberg, Deputy Director of Government Relations, NCIA

Jun 30, 2021 12:00 PM in Eastern Time (US and Canada)

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