New guide explains what the April 2026 move of medical marijuana to Schedule III did and did not change for cannabis operators heading into year-end tax planning
-- Green Collar CFO, a Seattle-based accounting, tax and fractional CFO firm, has published two new tax guides for business owners, both written by founder Amber Canady, MBA. The first explains IRC 280E, the federal rule that blocks state-licensed cannabis businesses from deducting ordinary business expenses, and what the April 2026 move of medical marijuana to Schedule III did and did not change. The second covers unfiled tax returns and how business owners can get current.
The guides arrive as operators head into year-end tax planning. Medical marijuana sold under a state medical license moved to Schedule III in April 2026, but adult-use cannabis remains in Schedule I and subject to 280E, and many operators are unsure which rules now apply to them. According to the guide, Treasury and the IRS had not yet issued their promised 280E guidance as of October 2026.
“Most of the owners we talk to don’t need more tax jargon. They need to know what they owe and what to do next,” said Amber Canady, Founder & CEO of Green Collar CFO. “We wrote these guides the way we explain things to clients, straight from the IRS sources, so an owner can read one and walk into their next tax conversation knowing the right questions to ask.”
What 280E Still Means After Rescheduling
Green Collar CFO’s guide, What is IRC 280E?, published October 26, 2026, explains how Section 280E works and why a state-licensed cannabis business pays federal tax on gross profit, with only cost of goods sold reducing taxable income. It sets out that rescheduling generally removes 280E as a bar for medical activity under a state medical license, while guidance on how that applies is still pending; that adult-use cannabis remains under 280E; and that businesses with both medical and adult-use activity are likely to need to apportion expenses. The guide also notes that no refund for prior years has been announced.
Getting Current on Unfiled Returns
The Unfiled tax returns guide, published October 29, 2026, covers how many years back a business owner usually has to file, why one missing personal return often means missing business and payroll filings too, and how to get current on penalties and payment plans. It explains that the IRS normally enforces delinquent filing for about six years under its own policy, while noting that this is policy rather than law.
Readers who want help applying the guides to their own situation can book Green Collar CFO’s complimentary tax assessment.
About Green Collar CFO
Green Collar CFO, LLC is a boutique accounting, tax and fractional CFO firm based in Seattle, Washington, serving clients nationwide. The firm provides bookkeeping, accounting, payroll, tax preparation and planning, and executive-level financial guidance for cannabis operators, nonprofits and growing businesses across a range of industries. Led by founder Amber Canady, MBA, and supported by a team of credentialed finance and CPA professionals, Green Collar CFO focuses on cash flow clarity, compliance and growth-focused strategy without the cost of a full-time finance department.
Contact Info:
Name: Amber Canady, Founder & CEO
Organization: Green Collar CFO
Address: 450 Alaskan Way South, Suite 200
Phone: 253-733-9854
Website: https://greencollarcfo.com/
Release ID: 89208762
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