How to Find Clarity in Marijuana's Hazy Tax Law
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The subscription service is currently unavailable. Please try again later.Absent of any guidance from the IRS, marijuana-related businesses navigate a murky tax landscape.
To the accounting students at Washington State University, it probably sounded like the ultimate internship. They'd be working with legal marijuana dispensaries to help them figure out their taxes. Little did they know they were about to immerse themselves in some of the most complex tax law challenges on the planet.
The reason: It's still technically illegal to sell marijuana. According to federal law, marijuana is considered a Schedule 1 controlled substance, for which the manufacture, distribution, or possession is a federal criminal offense. However, 23 states plus the District of Columbia are allowing medical use of marijuana, and it is legal for any use in four states (Alaska, Colorado, Oregon, and Washington).
This unique situation has created a real dilemma for marijuana-related businesses that are operating fully
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