Not sure that things are changing in the tax and legal worlds? Here’s proof that it is: The Internal Revenue Service (IRS) has released a new marijuana business webpage to help business owners understand and meet their tax responsibilities.
That’s right. Marijuana. Webpage. At IRS.gov.
You can find it here.
The IRS says that it “understands this is a new and growing industry and provided frequently asked questions about record keeping, cash payment options, large cash amounts, and other related topics to help promote voluntary compliance in the industry.”
So, first things first. While still prohibited by federal law (possession can lead to fines and jail time), today, forty-two states and the District of Columbia currently have laws legalizing marijuana for either medical or recreational use. As of this summer, states that allow marijuana for medical use include Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Illinois, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Utah, Vermont, Washington, and West Virginia – as well as the District of Columbia (some states allow CBD oil use only, including Georgia, Indiana, Iowa, Kentucky, Texas, and Virginia). Eleven states have legalized marijuana for recreational use, including Alaska, California, Colorado, Illinois, Maine, Massachusetts, Michigan, Nevada, Oregon, Vermont, and Washington.
Your email address will not be published. Required fields are marked *
Name *
Email *
Website
Save my name, email, and website in this browser for the next time I comment.
Comment *
Notify me of follow-up comments by email.
Notify me of new posts by email.
Δ
A bill to increase the amount of marijuana a person can possess before facing stiff criminal penalties failed 15-9 in the Hawaii Senate on Monday. It was the second defeat…
By Hannah King and Arin Aragona Plans for Kentucky’s medical cannabis program took a significant turn last week with the passage of House Bill 829 and the implementation of emergency…
By Steven Ascher and Anna M.Windemuth The unique status of the cannabis business — legal in a majority of states, but still illegal under federal law — creates a thorny…
By Courtney A. Hunter and Jessalyn H. Zeigler Demand for cannabidiol (CBD) products continues to climb, and the market has risen to the occasion. There is now a robust array…