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And, to make matters worse, our Federal Tax Court has already denied deductions on everything from store rent to medical marijuana legally purchased for sale to patients in this state-sanctioned industry. The IRS does this by combining the Controlled Substances Act of 1970 classifying marijuana as a Schedule I drug together with IRS Code Section 280E disallowing the deduction of controlled substance expenses. This allows them to grab any profit made by these small business owners and drive them out of business. Because of this, everyone in the medical marijuana industry who turns in an honest tax return becomes a sitting duck for anti-marijuana auditors. useful reference
Wix Forum and html-law.com is the perfect tool to connect with your site visitors, build a community & drive more traffic to your site! Have something to say? Click Create New Post to start your own discussion.