Cannabis Blog

How to Deal With Marijuana Business and the IRS

Category: Tokers | Posted on Fri, March, 3rd 2017 by THCFinder

The Howard Cohn Legal Group works with businesses in the cannabis industry to fortify their Cannabis brand and protect their holdings.  Below is a guest post by Abe Cohn, COO of THC Legal Group, on how to deal with marijuana business and the IRS.

Cannabis Businesses: How to Make Sure You Don’t Get Audited

With States increasingly developing Cannabis legalization programs (either medical or recreational), there is now a host of technical and legal challenges marijuana businesses must stay apprised of to satisfy various IRS regulations and requirements. Principally, the cannabis industry is held to a different set of tax standards than ordinary businesses and therefore, it is essential for cannabis business owners to develop financial habits and strategies to avoid an audit.  If marijuana businesses do find themselves in the targeted crosshairs of an IRS audit, learning how to manage the legal implications of the audit is critical.

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