A top official with the Internal Revenue Service (IRS) is taking steps to help marijuana businesses stay compliant with their taxes under the umbrella of ongoing federal prohibition. Also in a recent interview recognized that the legalization movement will potentially succeed in ending prohibition in “all states.” In an informational webinar hosted by the PBC Conference, IRS Commissioner of the Small Business/Self Employed Division Eric Hylton gave candid insights on a variety of cannabis industry issues from the federal perspective. The overarching theme to his comments was that states are already legalizing marijuana regardless of federal policy, and that’s creating complications that need to be addressed. “The challenge really there is, it’s still considered a Schedule I controlled substance under federal law,” he said. “However, when I’m talking with my employees and talking with them in our examination, we recognize that this is moving in a direction where potentially all states will have it legalized.” In spite of the federal-state policy conflict, IRS wants cannabis business owners “to be educated” because there are tax obligations regardless of whether the federal government considers their source of income to be illegal.

Kyle Jaeger, Marijuana Moment, 12/21/2020 13:00:00

Open article: https://www.marijuanamoment.net/irs-official-notes-marijuana-legalizations-momentum-in-tax-compliance-webinar-for-industry/