{"id":2538971,"date":"2023-04-26T10:00:56","date_gmt":"2023-04-26T14:00:56","guid":{"rendered":"https:\/\/platoai.gbaglobal.org\/platowire\/learn-about-irs-cannabis-taxes-and-enforcement-key-takeaways-from-the-webinar\/"},"modified":"2023-04-26T10:00:56","modified_gmt":"2023-04-26T14:00:56","slug":"learn-about-irs-cannabis-taxes-and-enforcement-key-takeaways-from-the-webinar","status":"publish","type":"platowire","link":"https:\/\/platoai.gbaglobal.org\/platowire\/learn-about-irs-cannabis-taxes-and-enforcement-key-takeaways-from-the-webinar\/","title":{"rendered":"Learn about IRS Cannabis Taxes and Enforcement: Key Takeaways from the Webinar"},"content":{"rendered":"<p>The legalization of cannabis in several states across the United States has brought about a new set of tax laws and enforcement measures. The Internal Revenue Service (IRS) has been working to ensure that cannabis businesses comply with federal tax laws, and recently held a webinar to educate taxpayers on the subject. Here are some key takeaways from the webinar:<\/p>\n<p>1. Cannabis businesses are subject to federal taxes: Despite the fact that cannabis is legal in some states, it is still illegal at the federal level. This means that cannabis businesses are subject to federal taxes, including income tax, employment tax, and excise tax.<\/p>\n<p>2. Cannabis businesses cannot deduct certain expenses: Due to the federal illegality of cannabis, businesses cannot deduct certain expenses on their tax returns. These include expenses related to the production, sale, or distribution of cannabis. However, businesses can still deduct expenses related to their non-cannabis operations.<\/p>\n<p>3. The IRS is cracking down on non-compliant businesses: The IRS has been increasing its enforcement efforts against non-compliant cannabis businesses. This includes conducting audits and imposing penalties for failure to comply with federal tax laws.<\/p>\n<p>4. Record-keeping is crucial: Cannabis businesses must keep detailed records of their operations in order to comply with federal tax laws. This includes keeping track of all income and expenses, as well as maintaining proper documentation for any deductions taken.<\/p>\n<p>5. Cannabis businesses must file Form 8300: Any cannabis business that receives more than $10,000 in cash from a single transaction must file Form 8300 with the IRS. This form helps the IRS track potential money laundering and other illegal activities.<\/p>\n<p>6. Cannabis businesses must comply with state and local tax laws: In addition to federal taxes, cannabis businesses must also comply with state and local tax laws. This includes paying sales tax, excise tax, and other taxes specific to their location.<\/p>\n<p>Overall, it is important for cannabis businesses to stay up-to-date on tax laws and enforcement measures in order to avoid penalties and legal issues. The IRS is taking a strong stance on non-compliance, and businesses must take the necessary steps to ensure they are following all applicable laws and regulations.<\/p>\n<ul class=\"plato-post-bottom-links\">\n<li class=\"plato-post-bottom-link-amplifi\">SEO Powered Content &amp; PR Distribution. <a href=\"https:\/\/www.amplifipr.com\" target=\"_blank\" rel=\"noopener\">Get Amplified Today.<\/a><\/li>\n<li class=\"plato-post-bottom-link-platoblockchain\">PlatoAiStream. Web3 Intelligence. Knowledge Amplified. <a href=\"https:\/\/platoaistream.com\" target=\"_blank\" rel=\"noopener\">Access Here.<\/a><\/li>\n<li class=\"plato-post-bottom-link-mintingthefuture\">Minting the Future w Adryenn Ashley. <a href=\"https:\/\/mintingthefuture.com\" target=\"_blank\" rel=\"noopener\">Access Here.<\/a><\/li>\n<li class=\"plato-post-bottom-link-source\"><span>Source: Plato Data Intelligence:<\/span> <a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/platodata.io\">PlatoData<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The legalization of cannabis in several states across the United States has brought about a new set of tax laws and enforcement measures. The Internal Revenue Service (IRS) has been working to ensure that cannabis businesses comply with federal tax laws, and recently held a webinar to educate taxpayers on the subject. Here are some [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2527027,"menu_order":0,"template":"Default","format":"standard","meta":[],"aiwire-tag":[14,1148,2142,314,789,11,441,17,18,9575,20,21,790,6628,2054,368,3548,724,217,219,1320,10451,8427,12353,1770,1589,857,5906,5907,7082,863,7392,989,6163,1745,2799,1504,687,9058,1198,4513,5417,235,13430,1507,3633,465,1007,13408,5913,2671,50,882,51,473,386,1637,56,6617,475,12130,57,749,604,389,1642,326,751,11207,60,2222,61,62,1647,1044,887,10916,2225,1048,5923,2735,5924,1523,6788,8469,2090,1244,6647,5055,295,329,1348,2236,69,821,697,179,6794,9673,75,78,618,823,184,4945,5,10,7,8,82,831,1086,3292,356,25087,769,3503,3293,2855,1548,3853,774,12267,634,708,1285,2271,837,1118,3080,1993,1959,777,710,502,201,912,711,10939,1124,504,2864,13230,5137,12342,107,108,109,110,207,111,843,112,1960,1961,6417,9,3326,212,125,341,6],"aiwire":[27723],"_links":{"self":[{"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/platowire\/2538971"}],"collection":[{"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/platowire"}],"about":[{"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/types\/platowire"}],"author":[{"embeddable":true,"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/users\/2"}],"version-history":[{"count":0,"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/platowire\/2538971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/media\/2527027"}],"wp:attachment":[{"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/media?parent=2538971"}],"wp:term":[{"taxonomy":"aiwire-tag","embeddable":true,"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/aiwire-tag?post=2538971"},{"taxonomy":"aiwire","embeddable":true,"href":"https:\/\/platoai.gbaglobal.org\/wp-json\/wp\/v2\/aiwire?post=2538971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}