IRS Confirms Marijuana’s Status and Section 280E Tax Limitations

 IRS Confirms Marijuana’s Status and Section 280E Tax Limitations

IRS reminds taxpayers that marijuana remains a Schedule I controlled substance and is subject to Section 280E, disallowing business deductions.

The Internal Revenue Service (IRS) has issued a reminder to taxpayers that marijuana remains classified as a Schedule I controlled substance under federal law. Consequently, businesses involved in th…