On Thursday, the Internal Revenue Service (IRS) released updated guidance on tax policy for the marijuana industry, including instructions on how cannabis businesses that don’t have access to bank accounts can pay their tax bills using large amounts of cash. Due to marijuana remaining federally illegal, the industry is largely deprived of tax benefits extended to operators in other markets. However, companies still have an obligation to pay taxes and properly report transactions, IRS said. This update appears to be responsive to a Treasury Department internal watchdog report that was released in April. Furthermore, the new guidance briefly covers the rules for income reporting, cash payment options, estimating tax payments, and keeping financial records.

Kyle Jeager Marijuana Moment, 09/14/2020 06:14:54

Open article: https://www.marijuanamoment.net/irs-releases-tax-guidance-for-marijuana-industry/