Tax and calculator buttonsToday, the Tax Court issued its opinion in Feinberg v. Commissioner, a case involving an ongoing and hard fought battle between the IRS and a medical marijuana dispensary, Total Health Concepts, LLC.  The IRS examined THC’s 2009 through 2011 tax returns.  As a result of the examination, the IRS adjusted the member taxpayers’ returns

In a recent ruling, the Tenth Circuit addresses multiple controversies where private citizens, sheriffs and county attorneys, and neighboring states brought several suits attempting to limit or interfere with Colorado’s Amendment 64 which legalized recreational marijuana in Colorado.

The Cases

  • In the first suit, the Reillys, individual landowners who own property adjacent to a marijuana

Tax and accounting issues you should not ignore when setting up your marijuana business:

  • The Trouble with Cash Based Businesses
    • Internal Controls – any cash based business is closely scrutinized by the IRS and other taxing authorities; having strict internal control procedures, in writing, which are strictly enforced, will go a long way in establishing