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Tag Archive for IRC 280E

Colorado Marijuana Distributors – Business Expenses And Taxes

As many of you who follow me and/or this tax blog know I have been actively tracking a handful of select medical marijuana dispensaries in Colorado who have been denied the opportunity to deduct ordinary and necessary business expenses by the IRS when arriving at net income subject to income tax. One of the first things I learned is that this industry is messy in several regards and perhaps left to more courageous practitioners of the United States Tax Code. Along the journey I witnessed first hand what appears to be systematic profiling and haphazard application of the Internal Revenue Code (IRC) including threats of US Treasury Circular 230 violations against quality practitioners in search of the truth by overzealous IRS Examiners as they work towards a standard enforcement framework. Being Read more

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