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The American Institute of CPAs (AICPA) on Tuesday sent a letter to the Department of Treasury and Internal Revenue Service (IRS) requesting guidance for cannabis businesses as the federal government moves to reschedule cannabis from a Schedule I drug under the Controlled Substances Act to a Schedule III. Under the reforms, state-approved cannabis businesses would no longer be subject to section 280E of the tax code.
In a statement, Melanie Lauridsen, vice president of tax policy and advocacy for the AICPA, said that “Since the beginning of the decriminalization and legalization of marijuana across a growing number of states, cannabis businesses and their CPAs have struggled to walk the tightrope of an industry that is locally legal, but federally illegal.”
“It’s imperative that the federal government’s tax administration bodies provide guidance to these profitable businesses and their advisors in advance of the rescheduling of marijuana to help ensure a clear understanding of their federal tax obligations and mitigate non-compliance.” — Lauridsen in a press release
In the letter, the organization makes several recommendations to officials, including retroactive treatment for expenses previously subject to section 280E, clarifying issues stemming from prior section 280E disallowance, uniform tax treatment among cannabis businesses, and that the Treasury Department and IRS offer a voluntary disclosure program for cannabis businesses that would no longer be subject to section 280E as a result of the rescheduling of cannabis.
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TG joined Ganjapreneur in 2014 as a news writer and began hosting the Ganjapreneur podcast in 2016. He is based in upstate New York, where he also teaches media studies at a local university.
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“}]] The American Institute of CPAs (AICPA) on Tuesday sent a letter to the Department of Treasury and Internal Revenue Service (IRS) requesting guidance for cannabis businesses as the federal government moves to reschedule cannabis from a Schedule I drug under the Controlled Substances Act to a Schedule Read More