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…

Skyrocketing Tax Revenues from Pot in Colorado–Will Texas Take Note?

Austin City Council will consider a resolution supporting medical marijuana in Texas.

TEXAS: Will the booming taxes being collected in Colorado from marijuana be enough to turn the heads of Texas lawmakers in favor of legalization, or at least lessening the penalties on pot and allowing for taxation?   Retail marijuana sales in Colorado brought in $1.4 million in January, and that number jumped to nearly $1.9 million Read the full article…

Washington State Mayors Want Cut Of Pot Tax Revenues

WASHINGTON: Almost 100 mayors from across the state are urging state lawmakers turn over a portion of legal marijuana tax revenues to cities to pay for local law enforcement and other costs arising from the new law. In a letter sent to Gov. Jay Inslee and legislative leaders, the mayors — including Seattle’s Ed Murray — say that Read the full article…

Marijuana Farmers Unlikely To See Farm Tax Perks

Meg Sanders inspects drying marijuana at her grow house in Denver. The agriculture tax questions facing the marijuana industry are the latest wrinkle for the states flouting federal drug law and trying to establish commercial recreational pot industries. The states have settled how to tax marijuana once it's dried and ready to smoke. But they're still debating how to tax it while it's growing.

COLORADO:   Marijuana farmers and agricultural tax breaks are the next wrinkle facing the states that have legal weed as lawmakers debate how to tax the product while it’s growing. Legislatures in both Colorado and Washington are taking a look at pot farmers this session.

Ireland ‘Ready For Legalization Of Cannabis’

“If cannabis is legalized, we can make a shopping list out of the amount of money which legalizing cannabis will save this country,” said the TD.

IRELAND: “Ireland is ready for the legalization of cannabis,” according to Roscommon TD Luke Ming Flanagan, who today published his Cannabis Regulation Bill 2013. Mr Flanagan estimated that the legalization of cannabis could generate up to €300 million through tax revenues and the freeing up of resources. However, he stressed this was an estimate and it was Read the full article…

Colorado Is Asking Taxpayers For $1 Billion To Help Schools

On Tuesday, Colorado will try to address those problems with one of the most ambitious and sweeping education overhauls in the country

COLORADO: In one poor school district in Colorado’s San Luis Valley, students take classes in a bus garage, using plastic sheeting to keep the diesel fumes at bay. In another, there is no more money to tutor young immigrants struggling to read. And just south of Denver, a district where one in four kindergartners is homeless Read the full article…

Florida Economists Debate Potential Economic Impact of Medical Marijuana

"Your typical tourist, even if they had a condition that might qualify them for it, probably would not avail themselves of it."

FLORIDA: State economists are trying to determine the potential economic impact of medical marijuana in Florida. That’s because there’s currently a petition drive to put an amendment on the 2014 ballot that would allow for some forms of legalized weed. Debate at the state capital Monday focused on how medical marijuana would be taxed, if at all. Currently Read the full article…

Florida Economists Debate Potential Economic Impact of Medical Marijuana

"Your typical tourist, even if they had a condition that might qualify them for it, probably would not avail themselves of it."

FLORIDA: State economists are trying to determine the potential economic impact of medical marijuana in Florida. That’s because there’s currently a petition drive to put an amendment on the 2014 ballot that would allow for some forms of legalized weed. Debate at the state capital Monday focused on how medical marijuana would be taxed, if at all. Currently Read the full article…

High Marijuana Taxes Could Derail Legalization Plans

Colorado tax on marijuana has been upheld by a federal court despite claims that paying it amounts to self-incrimination violating the Fifth Amendment.

COLORADO: When Congress banned marijuana in 1937, it did so in the guise of taxation, imposing a prohibitive levy on cannabis and created criminal penalties for those who failed to pay it. Marijuana taxes also played a prominent role in what may be the beginning of the end for pot prohibition: the legalization measures that voters in Colorado and Washington approved Read the full article…