The marijuana business is a peculiar enterprise: In many states medical marijuana is legal and dispensaries are licensed; in others, recreational use is legal. Meanwhile, the industry participants are still trafficking in a controlled substance and potentially subject to federal
The IRS seizes stuff.If people do not pay their taxes, it will seize their property to collect. I.R.C. § 6331(a), (b) (authorizing collection by means of administrative levy, including “the power of distraint and seizure by any means”).
It will
Business expenses are generally deductible: “There shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.” I.R.C. §162(a). While certain types of expenses get
Dead statutes have a long life span in the tax world.They have a long life span because cases involving prior tax years percolate through the judicial system long after the relevant statute has been amended or repealed. Perhaps the best
“You got to put a splash of diesel fuel in it . . . so we can generate tax credits.” Alternative Carbon Res., LLC v. United States, No. 2018-1948, 2019 U.S. App. LEXIS 29043, *6 (Fed. Cir. Sept. 25,
If a taxpayer overpays her taxes, she is entitled to sue for a refund after exhausting her administrative remedies. I.R.C. § 7422. She can file suit in district court, which has jurisdiction in cases “for the recovery of any internal-revenue
The Internal Revenue Service relies upon two separate information streams to determine the correct tax due from taxpayers:
At one time the Internal Revenue Code permitted a deduction for any interest, but that changed long ago.While section 163 of the Code still says that “[t]here shall be allowed as a deduction all interest paid or accrued within the
On July 5, 2017, the Supreme Court of Pennsylvania announced a ground-breaking ruling, holding that “a taxing authority is not permitted to implement a program of only appealing the assessments of one sub-classification of properties, where that sub-classification is drawn
Tax-exempt organizations are potentially still subject to tax. Under section 511 of the Internal Revenue Code, a tax-exempt organization must pay tax on its “unrelated business taxable income.” I.R.C. § 511(a). This unrelated business income tax, known as UBIT, is
