IRS News Release: Marijuana Remains a Schedule I Controlled Substance, Refund Claims Are Invalid (IRC §280E)

Marijuana remains a Schedule I controlled substance and is subject to the limitations of I.R.C. §280E, the IRS reminded taxpayers. The law with respect to the schedule or classification of marijuana has not changed, the IRS stated. Taxpayers seeking a refund of taxes paid by filing amended returns are not entitled to a refund or payment, but the grounds for filing such claims are not valid, the IRS noted. [IR-2024-177 (June 28, 2024)]

This story was produced by Bloomberg Tax Automation and edited by Bloomberg Tax staff.