Cannabis Companies Seize Tax Savings Opportunities
Publicly traded cannabis companies are capitalizing on potential tax savings by amending their returns to seize 280E benefits. With the Biden administration’s cannabis rescheduling and legal challenges to the Controlled Substances Act, companies like Planet 13 and The Cannabist Co. Holdings Inc. are aiming to save tens of millions of dollars and reinvest in growth initiatives. TerrAscend Corp. is also leveraging tax savings to maximize financial benefits amidst evolving regulatory landscapes.
IRS Cracks Down on Wrongful Employee Retention Credit Claims
Recent reports from the IRS indicate a crackdown on businesses that wrongfully claimed the Employee Retention Credit (ERC). The IRS has open investigations and under review cases regarding the ERC as of January 25. Those who voluntarily disclose their erroneous claims must provide the name of the promoter who encouraged them to take the credits. The IRS also introduced a voluntary withdrawal program for unprocessed ERC claims. Recipients of disallowed ERC claims will be informed that the IRS will recapture the erroneously claimed payments through normal tax assessment and collection procedures. The IRS is focusing on tax years 2020 and 2021, with impending letters for the latter expected to be sent out this spring as the statute of limitations for 2020 draws near in April.
Affordable Electric Vehicle Leases: 9 Models Under $400/Month
Discover nine electric vehicle models available for lease for under $400 per month, making them an attractive option for budget-conscious individuals. From the 2023 Vinfast VF8 Eco at $268/month to the 2024 Nissan LEAF S at $332/month (Northeast) and $357/month (elsewhere), there are plenty of affordable options to choose from. With federal tax credits offering significant rebates on EV leases, the increasing accessibility of electric vehicles is undeniable.
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