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Should marijuana businesses pay tax on gross profits or net profits? It sounds like a silly question. After all, virtually every business in every country pays tax on net profits, after expenses. But the topsy-turvy rules for marijuana seem to defy logic. And taxes are clearly a big topic these days.
A byzantine legal memo of potentially disastrous implications has been released by the Internal Revenue Service (IRS), articulating a new theory of the tax code which could result in punitive audits, crippling tax bills and even federal raids for state-legal cannabis retailers — though, curiously, not necessarily for growers.
Federal law still considers marijuana as a dangerous drug, so prosecutors could easily bring drug-trafficking charges against anyone whose salary is paid by taxes collected on legal marijuana sales.
Legal marijuana businesses without bank accounts are unfairly assessed a 10 percent penalty on federal employee withholding taxes they are forced to pay in cash. And rather than waive the penalty for cash-only businesses paying the tax on time, the IRS advised the companies to avoid the assessment by using techniques that amount to money-laundering.
The National Cannabis Industry Association's (NCIA) Cannabis Business Summit, which brought more than 1,200 registrants to Denver, Colorado...
A non-profit Christian dispensary in Sacramento is fighting the IRS for the right to deduct business expenses.
Last week, a banking meeting took place in Washington DC regarding regulations that currently exist that make it difficult for medical marijuana business to have normal access to banking functions.
When I applied to work in a dispensary I assumed that a certain amount of risk was involved. At least a dozen dispensaries were raided last week in Denver.
"My children are going to grow up without a father! Over what?!" shouted Sarah Schrader, longtime girlfriend of Jose Gutierrez and the mother of his two...
Jose Gutierrez was targeted and beaten by agents, now faces charges of assault on a federal officer, apparently for hitting DEA agents' fists with his face.
For the 35 proposed medical cannabis dispensaries that the state of Massachusetts has allotted itself, 181 applications have been filed before the deadline,
For businesses who deal directly with cannabis, the pain felt by the tax bill due the IRS is especially damaging. The IRS abuses Section 280E of the tax...
Some way has to be found to exempt state-permitted medical marijuana providers from the clutches of 280E and its punitive tax burden.
While the IRS assaults the medical marijuana industry via the abuse of Section 280E, Wall St is taking notice of all the M&A activity & ensuing green rush.
Will big corporations get involved in marijuana? At this point even legal dispensaries under state law are still labeled as drug traffickers under federal law.
The medical marijuana industry, which is "blessed by state law, but persecuted by the IRS," has made Forbes Top 10 Tax Cases of 2012...
What if we're going about this all wrong? Is our path to cannabis reform playing right into the federal government's hands?
Lynnette M. Shaw, who opened the 1st licensed medical marijuana dispensary in the US, has filed for personal bankruptcy after the federal government shut down her Marin Alliance for Medical Marijuana .…
