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 Read the full article…

The Federal Government Is Taxing Marijuana Businesses To Death

Marijuana is big business

DISTRICT OF COLUMBIA:  Voters in four states and Washington, DC, have approved marijuana legalization. But the drug remains illegal under federal law, creating all sorts of legal hurdles that state-legal marijuana businesses have to overcome. One of those hurdles is federal taxes. Due to a section of the tax code known as 280E, many state-legal marijuana Read the full article…

Marijuana Profits Up In Smoke Under IRS Rules

With tax codes the federal government stands to make more money from the sale of marijuana than those legally selling it.

COLORADO:  Voters in Oregon, Alaska, and Washington, D.C., will decide Tuesday whether to legalize the sale of recreational marijuana. But any new pot shops that voters approve may not be able to survive a drug war-era tax code that already threatens many businesses in Colorado and Washington state. Under this tax code the federal government Read the full article…

Despite Legal Marijuana Rules In 20 States Feds Won't Play Ball

Legislation proposed by Congressmen Jared Polis (D-CO) and Earl Blumenauer (D-OR), the Marijuana Tax Equity Act, would end the federal prohibition on marijuana and allow it to be taxed.

WASHINGTON: Washington State has set rules for retail production and sale of marijuana. The State Liquor Control Board sealed the deal in less than an hour, unanimously approving regulations covering production, processing and retailing. Land is allocated, 40 metric tons of production is allowed annually, and even marijuana-infused products are monitored in solid, extract and liquid Read the full article…