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Tag: Medical Marijuana

Marijuana Dispensary Audits And Your Fifth Amendment Rights

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marijuana audits

[et_pb_section bb_built=”1″ admin_label=”section”][et_pb_row admin_label=”row” background_position=”top_left” background_repeat=”repeat” background_size=”initial”][et_pb_column type=”4_4″][et_pb_text background_position=”top_left” background_repeat=”repeat” background_size=”initial” _builder_version=”3.0.100″ background_layout=”light”] Can A Dispensary Claim Immunity to Avoid Future Criminal Prosecution? A Colorado medical marijuana company has refused to turn over documents to the IRS, citing fears that the records could be used against the company in a criminal proceeding. Standing Akimbo’s lawyer has… Read more »

Evaluating The Evidence In An IRS Audit

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How Do Auditors Decide What’s Next? After the background check, personal interview, document review, and other cash business audit steps, there is usually a significant discrepancy between the taxpayer’s declarations about business income and the auditor’s views on this subject. These discrepancies are especially common in marijuana dispensaries. These businesses, and their employees, are so… Read more »

How the IRS Audits Marijuana Dispensaries

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What to Expect in an IRS Audit of Your Dispensary (or other cash business) Marijuana dispensaries are five times more likely to face an IRS cash business audit. In 1970, lawmakers approved Section 280E of the Internal Revenue Code as a punitive measure in the “war on drugs” which was just starting at the time…. Read more »

Medical Marijuana Tax Collections

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Tax Tips for Marijuana Businesses – Avoid IRS Collections Running a business is no easy task; there’s overhead, maintaining a steady stock of product, ensuring good customer service, marketing and more. Then there is the issue of taxes, which causes a great deal of stress for all business owners—but particularly for medical marijuana dispensaries. Medical… Read more »

Marijuana Business Tax Audits

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Special Considerations for IRS Audits of Marijuana-Related Businesses Marijuana dispensary businesses are six times more likely to be audited by the IRS than U.S. businesses in general. These small businesses get hauled before tax examiners at the same rate as corporations that have assets in excess of $100 million. Worse, the outcomes of IRS audits… Read more »