The One Tax Only Dispensaries Owners Must Pay | IRC-280E details for cannabis retail shops.

The Internal Revenue Service’s (IRS) Taxpayer Advocate is reminding people of the unique financial challenges that state-legal marijuana businesses face under federal prohibition.

In a blog post published on Tuesday, the independent agency under IRS explained that cannabis companies are still obligated to pay federal taxes—but they’re barred from deducting most expenses that other industries can claim because the federal government considers marijuana a strictly controlled substance.

This means that dispensaries are at a significant disadvantage when it comes to taxes, and it’s something that potential dispensary owners should be aware of before getting into the business. However, despite the challenges, there are still opportunities for those who are willing to navigate the complex landscape of tax laws and regulations.

#cannabis #news

Extracted from the live show: https://youtu.be/Zresq5VGZW0

Please be 21+ because this is about the legal & legitimately lawful (at the state level) cannabis industry.

🌱 We can help with your cannabis business. Get in touch here! (https://bit.ly/3jHLITp)
💰 Mastermind 10% Discount Code: AppDoneRight (https://bit.ly/3LXJf4S)
🔔 Subscribe to CLN for more cannabis content! (https://bit.ly/2VJUAQr)
💚 Become a member for exclusive perks! (https://bit.ly/2UavaLj)
legalization news, cannabis taxes, cannabis double tax, IRC-280E

Spread the love

Thomas Howard

Get Our Email

West Coast is the Weed Coast

By: Tree Wr3x As summer comes to an end, the reflection of adventure and Cannabis smoke in the rearview, I find myself with that same

Spread the love

OGs in Cannabis Reform: Paul Stanford

By: Tree Wr3x Summer 2024 has been a wild ride of a roller coaster adventure. I took a trip to Northern California and just about

Spread the love

Cannabis events are back in Washington State?

How does one get their product/ brand to connoisseur consumers in a market that has a magnifying glass on it due to it still being

Spread the love

ask us anything

Who Should Listen To This Podcast?

A podcast on cannabis legalization news is a great resource for staying updated. It’s beneficial for cannabis consumers, activists, investors, policymakers, researchers, and business owners. It provides legislative changes and trends for customers, updates on legalization campaigns for activists, latest medical findings for researchers, regulatory changes and market opportunities for investors and business owners, and changes in cannabis laws and public opinion for policymakers. Stay informed by listening to this podcast.

How do I become a guest on the show?

To become Guest on our show, let us know. Introduce yourself and explain why you’re interested in being a guest on the show, and what value you can bring to the show. Mention topics you’re knowledgeable about that would be of interest to our audience.

Do you take Sponsors?

Yes, we do. Sponsor us and we will help you grow and market your business on multiple different social media platforms. We have multiple options for you to choose from, check it out! Sponsorship Pricing.

Can I report a news story?

Yes, if you have a story that you think is newsworthy, we’re encouraging you to reach out to us. Gather your facts & create a clear and concise summary of the story and let us know about it!