Under the current federal drug laws codified in the Controlled Substances Act (CSA), it’s illegal to use, buy, or distribute cannabis in the United States. Although CSA prohibits the sale of marijuana, the internal revenue service (IRS) still requires CannaBusinesses operating under various state laws to report and pay income tax properly. Delay or failure… Continue reading IRS Cannabis Business Tax Guidance on IRC 280E, Cannabis CoGS, IRC 471-3, and IRC 471-11
Tag: Cannabis Business tax
4 Reasons to Hire a Cannabis Accountant
The whole business sector is still suffering from the pandemic. If decade-old firms are closing or facing bankruptcy, where does that leave newly established cannabis dispensaries and businesses? Cannabiz Accounting: Why is it important? Cannabis is a booming industry and a very lucrative one we might add. Today, medical cannabis is legal in more than… Continue reading 4 Reasons to Hire a Cannabis Accountant