The IRS has dedicated a page on its website to Marijuana sales. Many states have approved the drug for medical uses and some for recreational use, but banks are still discouraged from doing business with these dispensaries and transactions are often made in cash. Even though, just as other consumables, marijuana is subject to taxation and the IRS wants to make it clear to businesses what is expected for paying taxes.
From the site: “The IRS understands this is a new and growing industry and provided frequently asked questions about record keeping, cash payment options, large cash amounts, and other related topics to help promote voluntary compliance in the industry,” said the IRS. “In addition to this page, the IRS also offers a wealth of general small business guidance and resources on IRS.gov.” Want to know more? Visit https://www.accountingtoday.com/news/irs-adds-marijuana-industry-page-to-website