In a post on 1/17/14 titled “Marijuana And The Tax Law“, I noted the significant tax dollars that Colorado was to generate from legalizing recreational use of marijuana. I also noted that for tax practitioners who assist these businesses (as well as those selling in other states for medicinal use), there are tax law issues (such as IRC Section 280E) and ethical considerations given that growing, cultivating, distributing and using marijuana is still a federal crime. CPAs and attorneys need to consider the rules of conduct applicable in their state.
I have a 4-page article on this topic in the Tax Talk feature of the Federal Bar’s July 2014 The Federal Lawyer. It is entitled, “Ethical Considerations When Your Potential Tax Client is a Marijuana Business.” I explain the issues CPAs and attorneys face in helping these Read more