In a letter to the U.S. Department of Treasury and the IRS, the American Institute of CPAs (AICPA) is trying to provide guidance aimed at cannabis businesses and tax professionals ahead of potential marijuana rescheduling.
“Since the beginning of decriminalization and legalization of marijuana across a growing number of states, cannabis businesses and their CPAs have struggled to walk the tightrope of an industry that is locally legal but federally illegal,” Melanie Lauridsen, vice president of tax policy and advocacy for the AICPA, wrote in the letter.
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“It’s imperative that the federal government’s tax administration bodies provide guidance to these profitable businesses and their advisers in advance of the rescheduling of marijuana to help ensure a clear understanding of their federal tax
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