Giantweed Canada has reprinted the article IRS Releases Tax Guidance for Cannabis Businesses from Cannabis Training University.
On Thursday, September 10th, 2020, the IRS released tax guidance for cannabis businesses. In the memo, the IRS includes instructions on how weed businesses can pay their taxes even if they don’t have a bank account. The tax clarification helps companies remain compliant. Despite the change, they suffer a big disadvantage due to federal restrictions. IRS Watchdog Group Spurs Action Before the guidance was released, weed businesses didn’t know if they could reap the tax benefits that other markets enjoy due to weed’s status as a federally restricted drug. Despite the tax limitations, pot companies were still expected to […]