The Latest IRS Initiative Could Positively Impact Cannabis

The tax man is extending a helpful hand to marijuana business owners, not something we would normally see for the cannabis industry. 

In an announcement posted on its website late last month, the Internal Revenue Service unveiled its new “Cannabis/Marijuana Initiative,” billed as a “groundbreaking effort” by the agency to assist such business owners as they navigate the often confounding U.S. tax code.

The goal of the initiative, the agency said, “is to implement a strategy to increase voluntary compliance with the tax law while also identifying and addressing non-compliance,” a move the IRS believes “will positively impact filing, payment and reporting compliance on the part of all businesses involved in the growing, distribution and sales of cannabis/marijuana.”