420 with CNW – IRS Publishes Tax Guidance for Cannabis Industry

September 15, 2020 15:25:18

The U.S. cannabis industry has been in a precarious position for the past few years. Although more than thirty states have legalized cannabis sales in some form, the plant remains illegal at the federal level. So, although businesses can sell cannabis as long as they obtain a state license, federal law considers the business illegal. Despite this, marijuana businesses are required to pay federal tax and because marijuana remains illegal at the federal level, they are denied access to tax benefits.

Early this month, the Internal Revenue Service (“IRS”) released updated guidance on tax policy for the nascent marijuana industry. The agency acknowledges that although operators in the industry still have an obligation to pay taxes, they are denied tax benefits extended to operators in other markets. “A key complaint in promoting the highest degree of voluntary compliance on the part of taxpayers is helping them understand and meet their tax responsibilities while also enforcing the law with integrity…


About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

Denver, Colorado
303.498.7722 Office

CNW420 is part of the InvestorBrandNetwork.