The IRS owes Jushi Holdings about $6 million in Employee Retention Credit (ERC) claims, but the cannabis multistate operator didn’t want to wait for it.
Instead, Jushi sold its ERC claims to a third party for about $5.1 million in cash.
The ERC is a refundable tax credit for eligible businesses and tax-exempt organizations whose employees were affected during the COVID-19 pandemic.
It’s a program that few cannabis businesses have taken advantage of.
“If a business is eligible, it can be a particularly lucrative tax credit,” Glen Frost, managing partner of Annapolis, Maryland-based Frost Law, told MJBizDaily.
“It’s a big opportunity, and a lot of cannabis businesses have missed out on this credit.”
It’s not too late for cannabis businesses to take advantage of the program, but time is running out.
ERC claims still can be submitted for the 2021 tax year, but it must be done by April 15.
Read full article at https://mjbizdaily.com/cannabis-mso-jushi-benefiting-from-little-used-irs-tax-credit-program/
