IRS Debuts Program To Help Pot Cos. Comply With Tax Law
By Katryna Perera (September 29, 2021, 4:26 PM EDT) -- The IRS has launched a program to help cannabis businesses that operate in states where marijuana is legal pay their federal taxes and properly comply with Internal Revenue Code Section 280E, which prohibits companies from taking a deduction for business expenses if their income is derived from the trafficking of controlled substances.
The program, titled the Cannabis/Marijuana Initiative, was announced Tuesday by the IRS. De Lon Harris, commissioner of the IRS' Small Business/Self Employed Examination division, created the program.
"The goal of this initiative is to implement a strategy to increase voluntary compliance with the tax law while also identifying and...
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