Wondering how rescheduling could affect your taxes?

Trying to make sense of the buzz around 280E challenges?

Then join the Calyx CPA team for an exclusive virtual presentation on the evolving tax landscape for cannabis businesses - Tuesday Nov, 26th!

With recent shifts in federal policy, cannabis businesses face an unprecedented opportunity to challenge 280E. Despite the IRS's warnings of stricter enforcement, the cannabis industry is pushing back by amending tax returns and refusing to reduce deductions.

Major players like Curaleaf, Cresco Labs, and Ascend Wellness have declared plans to file tax returns without complying with 280E, inspired by Trulieve’s $113M refund from amended filings. Industry leaders such as Canna Provisions and Verano Holdings have escalated the fight, taking their case to the U.S. Court of Appeals and arguing that the Controlled Substances Act (CSA) doesn’t apply in regulated states. Adding fuel to the fire, the DOJ has questioned the DEA’s criteria for cannabis as a Schedule I substance, further complicating the IRS's reliance on 280E.

Want to know more - Register here to get the meeting link!

Calyx CPA is one of our outstanding CIAO members, specializing in tax and accounting services tailored to the cannabis and psychedelics industries. In this free presentation, Calyx CPA will explain the potential opportunities, risks, and benefits of recent changes in the cannabis tax landscape.

What You’ll Learn:

• Opportunities to Challenge 280E: Understand how recent shifts in federal policy are creating new paths to reclaim deductions.
• Innovative Tax Strategies: Explore historical approaches using tax codes 263(a), 471(a), and 471(c) to mitigate 280E liabilities.
• Bold Actions from Industry Leaders: Learn how MSOs like Trulieve, Curaleaf, and Cresco Labs are challenging 280E, including landmark legal cases like Verano Holdings and Canna Provisions in the U.S. Court of Appeals.
• Federal Policy Shifts: Examine how DOJ challenges to cannabis scheduling and Supreme Court decisions are reshaping the legal and tax landscape.
• Looking Ahead to Schedule III: Discover how reclassification could fundamentally alter tax obligations for cannabis businesses.
• Risk Assessment: Understand statutes of limitations for amending returns and the risks and rewards of bold tax strategies.

This is a pivotal moment for the cannabis industry to take control of its tax future. Whether you’re an operator, investor, or industry professional, you’ll gain critical insights from one of the leading CPA firms specializing in cannabis and psychedelics accounting.

Register here to get the meeting link!