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Tag: Internal Revenue Service
IRS Reaffirms Marijuana’s Status Under Federal Tax Law
WASHINGTON – The Internal Revenue Service (IRS) has reiterated marijuana remains classified as a Schedule I controlled substance, and businesses involved in manufacturing, distribution,...
Will 2021 Bring Federal Tax Relief?
There’s no quicker way to get a rise out of a cannabis business owner than to mention Section 280E, the dreaded Internal Revenue Service...
IRS Publishes Tax Information for the Cannabis Industry
WASHINGTON, D.C. – The Internal Revenue Service (IRS) has posted an online resource page for the legal cannabis industry. The action comes after the...
More IRS Audits Are Coming. Here’s How to Handle Them.
It appears the Internal Revenue Service is keeping a close eye on the rapidly growing cannabis industry. The agency expects to audit more cannabis...
Treasury Inspector General Recommends More Tax Audits for Cannabis
WASHINGTON, D.C. – The Treasury Inspector General for Tax Administration (TIGTA) issued a report on March 30, which made recommendations to the Internal Revenue...
The Messy State of Cannabis Financial Regulation
Because state-legal cannabis businesses operate in violation of the federal Controlled Substances Act (CSA), they face several significant challenges other legal businesses do not....