The IRS posted Marijuana Industry Frequently Asked Questions on its website:
My business is a marijuana dispensary that I operate in compliance with my state's laws. The federal government considers this an illegal activity. Do I have the same income and employment tax filing obligations as any other business?
If I can't fully pay the amount I owe, are payment plans available that I can afford?
What penalties or additions to tax could a participant in the marijuana industry be subject to if adjustments are made during an income tax audit?
Will penalties under section 6662 be proposed if an audit ends with the IRS proposing adjustments for a participant in the marijuana industry?
I operate a business that consists of selling marijuana. Can I claim deductions to determine my taxable income?
What do I need to do for cash payments over $10,000 concerning information returns?
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