Tens of millions of dollars in tax savings and a quick increase in available cash are some of the immediate short-term benefits for the five major marijuana multistate operators that have declared their freedom from Section 280E of the Internal Revenue Code.
But in the long run, Ascend Wellness Holdings, Cresco Labs, Curaleaf Holdings, TerrAscend Corp. and Trulieve Cannabis Corp. are all but guaranteed a lengthy and costly fight with the IRS – the outcome of which could include millions of dollars in penalties on top of existing tax bills, according to tax attorneys and risk experts who spoke with MJBizDaily.
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“If something sounds too good to be true, it usually is,” said San Francisco-based tax attorney Henry Wykowski, who has argued several
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