The IRS just issued new and updated FAQs for the cannabis industry. While their answers do not change the advice we have been providing our clients, it does help to affirm and give additional guidance to federal tax positions in this emerging industry. A link to those FAQs can be found here: Marijuana-Industry-Frequently-Asked-Questions
The cannabis industry still lags behind many of the traditional business industries when it comes to Federal tax court case law. Hence when new guidance such as this is released, it provides business owners and professionals a small stepping stone to help navigate the ever-changing path of IRC 280E.
We have a dedicated cannabis practice group, of experienced cannabis accounting professionals, helping clients to navigate this growing industry.