A pioneering California cannabis company said it struck a deal with the IRS to clear it of tax debt under Section 280E of the federal tax code, ending a long-running dispute between the business and the IRS.
StateHouse Holdings, formerly known as Harborside, said in a news release it agreed to a payment plan with the IRS to settle a $22 million federal tax bill.
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Under the deal, the Oakland-based company will pay the IRS $50,000 a month for 116 months.
The taxes owed were from the 2007 to 2012 tax years and the 2020 fiscal year, according to the release.
The total repaid will add up to just $5.8 million, roughly $15 million less than the business owes the IRS, if the payments don’t increase over time.
The IRS will reassess StateHouse’s financials in two years and could increase the monthly payments depending on how well the
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