• IRS Marijuana Banking Reform Would Help Feds Get Paid

IRS: Marijuana Banking Reform Would Help Feds ‘Get Paid’

A top Internal Revenue Services (IRS) official said the agency’s job would be a lot easier if banks could offer their services to state-legal marijuana businesses without fear of federal reprisals. Susan Collins, who serves as senior counsel in the IRS Office of Chief Counsel, made the comments during an event organized by UCLA’s Annual

By |November 9th, 2021|
  • irs advice marijuana businesses

IRS Official Shares Tax Advice with Marijuana Businesses

The Internal Revenue Service (IRS) published a blog post providing advice to state-legal marijuana businesses on how to stay compliant with tax rules, given cannabis’s Schedule I controlled status at the federal level. The IRS’s De Lon Harris wrote that the rapid growth and expansion of the cannabis industry had created a complex situation with

By |October 14th, 2021|

California Governor Signs Cannabis Banking Bill into Law

For a state that took 22 years to get from medical marijuana legalization to recreational adult-use sales, California is making significant strides with the state's cannabis industry. On Sept. 29, California Governor Gavin Newsom (D) signed several cannabis-related bills into law. This is effectively paving the way for much-anticipated (and sorely needed) banking and financial

By |October 26th, 2020|
  • IRS launches marijuana industry web page

A Sign of Progress: IRS Adds New Marijuana Industry Web Page

Ahhh, progress. While the feds are still calling out marijuana as illegal, they’re now more amenable to it; at least from a tax revenue perspective. And they want voluntary compliance. So it should come as no surprise that the Internal Revenue Service (IRS) has released a marijuana business webpage outlining tax responsibilities for marijuana business

By |September 25th, 2020|
  • IRS help marijuana money

IRS Is Struggling With Cannabis Companies’ Cash Tax Payments

Who knew cash could be so expensive? The IRS recently paid a consulting company $1.7 million to help process the billions of dollars in taxes that cannabis businesses were paying … in cash. Most businesses write a check when they pay taxes, but federal prohibition continues to prevent many cannabis businesses from getting back accounts.

By |December 24th, 2018|

Getting Tax Deductions On Medical Marijuana

With legal marijuana now a very real–and costly–proposition, patients are understandably concerned whether or not their pot expenditure could be deducted from their tax returns. As it turns out, the answer isn't quite so clear-cut for most agencies, but for officials at Massachusetts Department of Public Health, there is no confusion. According to communications director

By |January 13th, 2014|