IRS Advisory Council OKs Marijuana-related Businesses For Accountants

"With over 20 states allowing medical marijuana and now states beginning to legalize recreational marijuana, this industry needs qualified, ethical professionals to help them fulfill their income tax obligations." IRSAC concluded, "...tax professionals need reassurance regarding their own roles in giving tax advice to and preparing tax returns for such businesses."

DISTRICT OF COLUMBIA: On Wednesday the IRS Advisory Council (IRSAC) released a report making a number of observations and recommendations to the Internal Revenue Service and federal policy makers relating to the need for greater latitude and legal protections (under the current federal anti-marijuana laws) for tax professionals who choose to work for clients who are in the cannabis industry.

“With over 20 states allowing medical marijuana and now states beginning to legalize recreational marijuana, this industry needs qualified, ethical professionals to help them fulfill their income tax obligations.” IRSAC concluded, “…tax professionals need reassurance regarding their own roles in giving tax advice to and preparing tax returns for such businesses.”

For more information, please contact Allen St. Pierre, NORML Executive Director, or Erik Altieri, NORML Communications Director, at (202) 483-5500. The applicable section regarding IRSAC’s recommendations to policy makers about changing cannabis laws and customs are found at pages 25-27 of the report @http://www.irs.gov/PUP/taxpros/2014-IRSAC-Full-Report.pdf.

Read full article @ NORML

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