Hoped-for steering for hashish firms affected by Part 280E of the federal tax code received’t be printed anytime quickly, an IRS legal professional mentioned lately.
Based on Bloomberg Tax, the federal company is extra targeted on coronavirus-relief points and steering associated to the 2017 tax reforms pushed by means of Congress by Republicans and signed into regulation by former President Donald Trump, IRS legal professional Evan Hewitt mentioned throughout a web-based convention hosted by the American Bar Affiliation’s Tax Part.
As an example, the legal professional mentioned, 280E steering wasn’t included within the checklist of IRS priorities launched final November.
That doesn’t imply, nonetheless, that the IRS will likely be altering course with regard to 280E and marijuana business audits.
“Definitely we’re conscious of the ever-increasing significance of Part 280E, as time goes on,” the IRS’ Hewitt mentioned throughout the presentation, Bloomberg reported.
The legal professional additionally indicated that “different companies” except for plant-touching hashish firms may be topic to 280E.
The information follows 280E steering the IRS printed in September in addition to a federal watchdog report final April that discovered the IRS hadn’t completed sufficient to coach the authorized marijuana business on its federal tax obligations.