IRS Advisory Council OKs Marijuana-related Businesses For Accountants

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?

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

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’

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

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

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

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: 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…