The IRS Is Coming! Are Medical Marijuana Dispensaries Ready?
The Internal Revenue Service is threatening to turn back the clock on medical marijuana. But now a national alliance of industry leaders, patients and elected officials is fighting back with a new project aimed at education and policy change.
The 280E Reform effort says it plans to bring an end to the current IRS campaign to close medical cannabis dispensaries.
The IRS campaign of aggressive audits — sometimes resulting in collectives being held responsible for millions in supposed back taxes — began a couple of years ago and uses Section 280E of the IRS code to deny dispensaries the ability to claim any legitimate business expenses. Denied expenses include essential items such as rent, payroll, and all other necessary business expenditures.
These denials result in huge back tax bills for the affected dispensaries that, if not changed, threaten to destroy the financial viability of every medical marijuana dispensary in the country — thereby putting an end to safe and affordable access to cannabis for medically qualified patients.
Read more: http://www.tokeofthetown.com/2012/02/the_irs_is_coming_are_medical_marijuana_dispensari.php
(via socialistscum)
