{"id":1668,"date":"2019-09-07T01:35:22","date_gmt":"2019-09-07T01:35:22","guid":{"rendered":"http:\/\/mmjinvestment.com\/index.php\/2019\/09\/07\/marijuana-tax-attorney-why-the-pot-punitive-irs-code-280e-isnt-going-anywhere\/"},"modified":"2019-09-07T01:35:22","modified_gmt":"2019-09-07T01:35:22","slug":"marijuana-tax-attorney-why-the-pot-punitive-irs-code-280e-isnt-going-anywhere","status":"publish","type":"post","link":"https:\/\/mmj-investment.com\/index.php\/2019\/09\/07\/marijuana-tax-attorney-why-the-pot-punitive-irs-code-280e-isnt-going-anywhere\/","title":{"rendered":"Marijuana tax attorney: Why the pot-punitive IRS code 280E isn&#039;t going anywhere"},"content":{"rendered":"<p><a href=\"https:\/\/www.youtube.com\/watch?v=jdBLtJv3GH4\">Marijuana tax attorney: Why the pot-punitive IRS code 280E isn&#39;t going anywhere<\/a><br \/>\n\t\t\t\t\t\t\t\t<iframe  loading=\"lazy\" width=\"480\" height=\"320\"  src=\"about:blank\" data-lazy-src=\"https:\/\/www.youtube.com\/embed\/jdBLtJv3GH4?rel=0\"  frameborder=\"0\" allowfullscreen><\/iframe>\t\t\t\t\t<\/p>\n<p><img  decoding=\"async\" style=\"float:left;margin:0 5px 5px 0;\"  src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-lazy-src=\"http:\/\/mmjinvestment.com\/wp-content\/uploads\/2019\/09\/nX85h6.jpg\"  \/><noscript><img  decoding=\"async\" style=\"float:left;margin:0 5px 5px 0;\"  src=\"http:\/\/mmjinvestment.com\/wp-content\/uploads\/2019\/09\/nX85h6.jpg\"  \/><\/noscript>We\u2019re nearly three years into legal adult-use pot sales in Colorado, and IRS code 280E is still taking its toll on legal cannabis businesses.<\/p>\n<p>Adopted about 30 years ago, 280E disallows credits and deductions for income generated from the sale of controlled substances. <\/p>\n<p>To a legal cannabis business, these taxes can amount to significant portions \u2014 if not all \u2014 of their net income, says marijuana tax attorney James Thorburn.<\/p>\n<p>Simply put: \u201cWhatever you make, the government\u2019s gonna take,\u201d Thorburn says, adding that he believes the IRS is becoming more aggressive in enforcing 280E.<\/p>\n<p>The official position of the Internal Revenue Service is that its auditors are enforcing the tax code, Thorburn says. However, he believes there are other forces at play.<\/p>\n<p>\u201cOf course this enforcement is taking the most aggressive approach possible with 280E, to minimize the amount of income that the dispensaries can make on their shops,\u201d he says.<\/p>\n<p>Thorburn expresses concern that marijuana businesses are being disproportionately targeted via the application of the code.<\/p>\n<p>\u201cIt\u2019s not being applied against any other industry that we know of, at this time,\u201d he says. \u201cIt\u2019s possible, and the IRS has even alluded to the idea that it could be applied against the pharmaceutical industry. But it certainly has not, at this time.\u201d<\/p>\n<p>******<\/p>\n<p>Please subscribe to our channel for more marijuana news.<\/p>\n<p>Subscribe to The Cannabist Show podcast: http:\/\/dpo.st\/2gDuNUK<\/p>\n<p>For more full episodes of The Cannabist Show: http:\/\/dpo.st\/2a9VBqp<\/p>\n<p>*******<\/p>\n<p>The Cannabist on:<br \/>\nTwitter:  www.twitter.com\/cannabist<br \/>\nInstagram: www.instagram.com\/cannabistco<br \/>\nFacebook: www.facebook.com\/cannabist<br \/>\nOnline: www.thecannabist.co<br \/>\n#AllThingsWeed<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Marijuana tax attorney: Why the pot-punitive IRS code 280E isn&#39;t going anywhere We\u2019re nearly three years into legal adult-use pot sales in Colorado, and IRS code 280E is still taking its toll on legal cannabis businesses. Adopted about 30 years ago, 280E disallows credits and deductions for income generated from the sale of controlled substances.&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1667,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Marijuana tax attorney: Why the pot-punitive IRS code 280E isn&#039;t going anywhere - MMJ Investment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mmj-investment.com\/index.php\/2019\/09\/07\/marijuana-tax-attorney-why-the-pot-punitive-irs-code-280e-isnt-going-anywhere\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marijuana tax attorney: Why the pot-punitive IRS code 280E isn&#039;t going anywhere - MMJ Investment\" \/>\n<meta property=\"og:description\" content=\"Marijuana tax attorney: Why the pot-punitive IRS code 280E isn&#039;t going anywhere We\u2019re nearly three years into legal adult-use pot sales in Colorado, and IRS code 280E is still taking its toll on legal cannabis businesses. Adopted about 30 years ago, 280E disallows credits and deductions for income generated from the sale of controlled substances.&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mmj-investment.com\/index.php\/2019\/09\/07\/marijuana-tax-attorney-why-the-pot-punitive-irs-code-280e-isnt-going-anywhere\/\" \/>\n<meta property=\"og:site_name\" content=\"MMJ Investment\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/MMJ-Investment-1908743886119514\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-07T01:35:22+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/mmj-investment.com\/wp-content\/uploads\/2019\/09\/nX85h6.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@MMJInvestment\" \/>\n<meta name=\"twitter:site\" content=\"@MMJInvestment\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/mmj-investment.com\/index.php\/2019\/09\/07\/marijuana-tax-attorney-why-the-pot-punitive-irs-code-280e-isnt-going-anywhere\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/mmj-investment.com\/index.php\/2019\/09\/07\/marijuana-tax-attorney-why-the-pot-punitive-irs-code-280e-isnt-going-anywhere\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/mmj-investment.com\/#\/schema\/person\/d00a7f6340ed83bc58b01ab011476dcc\"},\"headline\":\"Marijuana tax attorney: Why the pot-punitive IRS code 280E isn&#039;t going anywhere\",\"datePublished\":\"2019-09-07T01:35:22+00:00\",\"dateModified\":\"2019-09-07T01:35:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/mmj-investment.com\/index.php\/2019\/09\/07\/marijuana-tax-attorney-why-the-pot-punitive-irs-code-280e-isnt-going-anywhere\/\"},\"wordCount\":294,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/mmj-investment.com\/#organization\"},\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/mmj-investment.com\/index.php\/2019\/09\/07\/marijuana-tax-attorney-why-the-pot-punitive-irs-code-280e-isnt-going-anywhere\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/mmj-investment.com\/index.php\/2019\/09\/07\/marijuana-tax-attorney-why-the-pot-punitive-irs-code-280e-isnt-going-anywhere\/\",\"url\":\"https:\/\/mmj-investment.com\/index.php\/2019\/09\/07\/marijuana-tax-attorney-why-the-pot-punitive-irs-code-280e-isnt-going-anywhere\/\",\"name\":\"Marijuana tax attorney: Why the pot-punitive IRS code 280E isn&#039;t going anywhere - 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