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IRS Allows Reduction of Gross Receipts For State-Legal Cannabis Businesses

By R. Lance Boldrey, Richard L. Lieberman, Scott R. Kocienski & Nardeen Dalli on September 15, 2020
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On Saturday, September 12, 2020, the Internal Revenue Service (“IRS”) updated a marijuana industry frequently asked questions (“FAQ”) page that provides relief to state-legal cannabis businesses. The FAQ announces that state-legal cannabis businesses can reduce their gross receipts by using an alternative accounting method under Section 471 of the Internal Revenue Code (the “Code”). Read More ›

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    Cannabis
  • Organization:
    Dykema
  • Article: View Original Source

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