Fortune: “Legalized marijuana sales are spreading across the U.S., but the industry’s businesses are facing steep federal tax bills thanks to a wrinkle in the tax code dating back to the 1980’s. . . . In 1982, Congress enacted Section 280E of the federal Tax Code to prevent drug traffickers from being able to claim business expenses related to illicit dealings on their federal tax returns. . . . many marijuana business owners end up paying effective tax rates of anywhere from 40% to 70%“
Marijuana Industry’s IRS Battle
By On the Net|2015-04-16T06:45:45-07:00April 16th, 2015|Stories & Articles, Tax Issues|Comments Off on Marijuana Industry’s IRS Battle
About the Author: On the Net
The author of this article is
Richard Keyt, an Arizona business law attorney who is the creator of this Arizona medical marijuana law website. Connect with Richard at 480-664-7478 or on Google+