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Accounting, Tax, IRS & Marijuana

IRS Council Finally Gives OK to Help MMJ Businesses

Times are definitely changing. An advisory council to the Internal Revenue Service recommended in a report dated 11/19/14 that the IRS allow tax professionals to work with marijuana businesses in compliance with state law. The council suggested the IRS publish guidance to “promptly clarify that a tax professional will not be considered unethical, will not be targeted for audit, and will not be in violation of Treasury Circular 230 solely for representing or preparing a return for a business that is illegal under federal law but legal at the state level under state law.”

You can read more at http://www.irs.gov/PUP/taxpros/2014-IRSAC-Full-Report.pdf