IRS: Marijuana cash transactions aren’t automatically suspicious
Large cash transactions by marijuana businesses should not automatically be reported as suspicious, according to new IRS guidance.
Large cash transactions by marijuana businesses should not automatically be reported as suspicious, according to new IRS guidance.
The former owner of a Michigan marijuana store could serve up to nine years in prison after he was found guilty by a federal court of evading income taxes and obstructing the IRS.
Maine will allow legal marijuana businesses to take some tax deductions on their state returns to make up for forbidden expenses on their federal taxes.
The U.S. cannabis industry is benefiting from long-desired tax relief now that an increasing number of states – 20 so far – have approved laws that exempt, or “decouple,” businesses from Section 280E of the federal tax code.
Marijuana businesses have paid higher taxes than mainstream companies for years thanks to Section 280E of the Internal Revenue Code, and now cannabis operators – especially retailers – might face an even bigger tax bill from Uncle Sam as well as some states.