Let us not forget marijuana businesses and consumers in legalized states are still at a great disability because of federal law! Federal taxes also create significant issues for marijuana businesses. Pursuant to Internal Revenue Code 280(e), because marijuana businesses are illegal entities under federal law, they may not take traditional business deductions. Instead, marijuana businesses may only deduct their costs of goods sold. The Internal Revenue Service aggressively audits marijuana businesses to ensure that those businesses are deducting only their costs of goods sold and nothing else. abovethelaw/2015/01/the-feds-are-blunting-legal-marijuana-in-america/
Posted on: Mon, 26 Jan 2015 22:29:24 +0000
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