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››IRS Launches Program To Help Pot Cos Comply With Tax Law

IRS Launches Program To Help Pot Cos Comply With Tax Law

By Sarah S. Bryant
September 29, 2021
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By Katryna Perera (September 29, 2021, 4:26 p.m. EDT) – The IRS has launched a program to help cannabis companies operating in states where marijuana is legal pay their federal taxes and properly comply with Section 280E of the Internal Revenue Code, which prohibits businesses from deducting business expenses if their income is derived from trafficking in controlled substances.

The program, titled Cannabis / Marijuana Initiative, was announced Tuesday by the IRS. De Lon Harris, commissioner of the IRS Small Business / Self Employed Examination, created the program.

“The objective of this initiative is to implement a strategy to increase voluntary compliance with tax law while identifying and …

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Tagsinternal revenue