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Marijuana Moment have picked up on the comments including

The Internal Revenue Service (IRS) will continue to seek tax payments from marijuana companies that have claimed deductions in anticipation of a possible federal rescheduling decision, an attorney with the federal agency says. If the reform is passed, he says IRS could theoretically seize assets of cannabis companies who don’t pay dues.

During a discussion at the American Institute of Certified Public Accountants’ (AICPA) cannabis convention in Denver, last month, IRS Senior Attorney Luke Ortner discussed the potential implications of the Biden Administration’s proposal to move the marijuana from Schedule I of the Controlled Substances Act to Schedule III.

Luke Ortner
Office of Chief Counsel (Internal Revenue Service)

Luke Ortner, Senior Counsel at the IRS Office of Chief Counsel handles cases and issues involving the cannabis business, conservation easements and research credit claims. He also handles fraud and abusive tax avoidance transactions. He is one the IRS’s primary coordinators in response to the cannabis industry. He has also tried several cannabis cases. He graduated from the State University of New York at Geneseo, and Duke University School of Law.

Although that policy change would allow state-licensed cannabis companies to take federal tax deductions, they’ve been barred from taking them under an IRS code known as “280E”, several major companies have already claimed the deductions while the rulemaking process is still underway.

Watch preview at : https://aicpaconferences.com/p/s/keynote-fireside-chat-with-irs-counsel-92179

For example, in January the multi-state operator Trulieve disclosed receiving a $113 million in 280E refunds it applied for. TerrAscend, Ascend Wellness and others have also said they expect 280E refunds.

IRS clarified later that the 280E still applies until a rule is finalizedand Ortner confirmed that stance at last month’s event. According to a summary prepared by Holland & Hart, he added that even if rescheduling was implemented, IRS would “continue to implement 280E for many years prior” to reform. The firm paraphrased what the official said during the closed-door discussion. “The IRS policy is to not look the other way, because things have changed moving forward,” the firm stated.

A spokesperson for the IRS told Marijuana Moment Monday that the agency had conferred with Ortner who confirmed the accuracy in Holland & Hart bullet point descriptions of Ortner’s commentary.

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