James Mann (courtesy photo)
(This is a contributed guest column. To be considered as an MJBizDaily guest columnist, please submit your request here.)
There are about 38,000 active licensed cannabis businesses in the United States. As of this summer, eleven of the biggest owed more than $2.3 billion in federal income tax combined.
Based on my personal experience as a tax expert, most of the smaller companies are in no better shape. The burden imposed by Section 280E of the tax code is crushing everyone in the sector.
However, a revolt is brewing.
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Big and little, an increasing number of cannabis companies are filing tax returns claiming they are not obligated to pay all the federal tax that the IRS thinks they owe.
With an unknown
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