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Cannabis Law Blog

Posts by Scott R. Kocienski

Cannabis Law Blog

News and analysis focusing on the full spectrum of cannabis-related issues facing businesses, investors, financial institutions and all levels of government throughout the United States

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Scott R. Kocienski
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skocienski@dykema.com
248-203-0868
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Showing 1 post by Scott R. Kocienski.

IRS Allows Reduction of Gross Receipts For State-Legal Cannabis Businesses

On Saturday, September 12, 2020, the Internal Revenue Service (“IRS”) updated a marijuana industry frequently asked questions (“FAQ”) page that provides relief to state-legal cannabis businesses. The FAQ announces that state-legal cannabis businesses can reduce their gross receipts by using an alternative accounting method under Section 471 of the Internal Revenue Code (the “Code”). Read More ›