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Former IRS attorney warns of upcoming 'tsunami' of marijuana-related 280E audits

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A tax expert who spent six years as an IRS trial lawyer is sounding a new 280E alarm bell that many cannabis businesses might need to answer soon. Nick Richards, a Denver-based tax attorney who now works in the private sector with a clientele that includes marijuana firms, is calling attention to changes in IRS policy that he believes will lead to a "tsunami" of audits that could cost larger cannabis businesses millions in unpaid taxes and penalties. And the change in policy could mean probabl...

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