IRS May Allow Cannabis Businesses to Take Tax Deductions

Under new Internal Revenue Service (IRS) guidance, state-legal cannabis operators can reduce gross business receipts using an accounting method available under Section 471, according to a WeedWeek report. Currently, all cannabis-related businesses that are considered illegal under federal law must file under Section 280E, which does not allow normal businesses expense deductions. “The Internal Revenue Service takes … Continue reading IRS May Allow Cannabis Businesses to Take Tax Deductions