What is 280E and how Can affect Cannabis Businesses? Can cannabis retailers really not deduct expenses?

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§280E -IRS MEMORANDUM

“No deduction or credit shall be allowed for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business (or the activities which comprise such trade or business) consists of trafficking in controlled substances (within the meaning of schedule I and II of the Controlled Substances Act) which is prohibited by Federal law or the law of any State in which such trade or business is Conducted.”

For more information, reach out to a NestEggg Cannabis Compliant & Accounting & Tax Representative today https://nesteggg.com/contact-us