The “Pot” Thickens – IRS Releases Marijuana Industry Resources

The IRS has released a new webpage dedicated to the marijuana industry to help growers, processors, researchers and retailers understand and comply with their U.S. federal income tax responsibilities.

The IRS Marijuana Industry webpage covers numerous topics that may be relevant for businesses directly engaged in, or related to, the cultivation, processing and sale of marijuana, including, without limitation, common U.S. federal income tax filing obligations, options for satisfying U.S. federal income tax liabilities, and penalties which will be assessed if such payment obligations are not satisfied on a timely basis.

Perhaps of most significance, the IRS Marijuana Industry webpage also contains a series of FAQs including information on a number of common questions, including the potential application of Section 280E of the U.S. Internal Revenue Code to taxpayers in the marijuana industry.

The IRS webpage dedicated to the Marijuana Industry can be accessed at: https://www.irs.gov/businesses/small-businesses-self-employed/marijuana-industry

John D. Hollinrake, Jr.

John D. Hollinrake, Jr.

Partner, Tax
Columbia Center
701 Fifth Avenue, Suite 6100
Seattle, Washington 98104-7043
+1 (206) 903-8812
hollinrake.john@dorsey.com

Kendall R. Fisher

Kendall R. Fisher

Partner, Tax
Columbia Center
701 Fifth Avenue, Suite 6100
Seattle, Washington 98104-7043
+1 (206) 903-8793
fisher.kendall@dorsey.com

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