Why 280E No Longer Applies Ahead of Rescheduling

In this free webinar, Justin Botillier, CEO of Calyx CPA LLC, will discuss the justification for moving forward without reducing deductions otherwise disallowed by 280E ahead of rescheduling, as well as amending tax returns to recapture lost deductions despite the IRS’s reiterated position that 280E continues to apply. He will then present the legal basis for this approach through an introduction to the New Mexico Top Organics v. Commissioner case and the arguments being advanced in that litigation, including the position that cannabis no longer “fits the meaning” of a Schedule I substance as referenced in the Internal Revenue Code, independent of formal rescheduling. Justin will also highlight the importance of statutes of limitation, the need to act promptly, and the potential benefits of filing a protective claim for refund.