IRS May Allow Cannabis Businesses to Take Tax Deductions

Ganjapreneur
By TG BranfaltSep 23, 2020, 12:03 pm227 pts
Under new Internal Revenue Service (IRS) guidance, state-legal cannabis operators can reduce gross business receipts using an accounting method available under Section 471, according to a WeedWeek report. Currently, all cannabis-related businesses that are considered illegal under federal law must file under…

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