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Home 🌿 Marijuana Business News 🌿 What Are Proper Record Keeping Requirements for Marijuana Business Owners? 🌿What Are Proper Record Keeping Requirements for Marijuana Business Owners?
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The subscription service is currently unavailable. Please try again later.At California Cannabis CPA, one of our main areas of focus is compliance with local, state and federal statutory guidelines. We often get numerous questions fielded regarding record keeping requirements for Marijuana related business owners. We do hope this post is able to answer your questions.
State-legal marijuana-related businesses in the United States are currently operating in a legal grey area. Despite the passage of laws legalizing certain marijuana-related activities in 25 states and the District of Columbia, the production, distribution and sale of marijuana is still illegal under federal law. However, every marijuana-related business is still required to pay federal income tax on its taxable income per IRC § 61(a).
In addition, the IRS Office of Chief Counsel issued Chief Counsel Advice (CCA) 201504011, issued in 2015, which confirmed that the IRS has broad authority to challenge the accounting method and deductions claimed for any marijuana-related business. Without proper...
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