Marijuana Archives - John R. Dundon II, Enrolled Agent

A picture of some green leaves with the words " in a world full of karens be a mary jane ".

13 Oct Marijuana Taxation: Beck v. Commissioner & Excise Tax Paid

Posted at 00:00h in Marijuana, Business Expense, Tax Court, Tax Deductible Expenses, Tax Guidance & Preparation

UGH! I vowed to stop writing about the tax implications of marijuana taxation: Beck v. Commissioner & Excise Tax Paid. The catholic guilt of a dysfunctional adolescence must be burning deep today as resisting the urge to come back for yet another round of punishment is...

A person holding up two guns in the air.

26 Jan Marijuana Dispensary Income Tax Guidance Update: IRS Memo 201504011

Posted at 00:00h in Amortization, Business Expense, Cash Transaction, Disallowed Expenses, IRS Appeal, IRS Audit, IRS Enforcement, IRS Examination, Marijuana

As many of you know who follow my tax musings via this blog, I recently led a team of people that shepherded a Marijuana Dispensary through the IRS Examination and Appeals functions. The dispensary in question was owned and operated by a taxpayer who in...

14 Nov The Intersection of ‘Trafficking under IRC 280(E)’ & Cost of Goods Sold (COGS) Relevant to Taxable Income for Marijuana Distributors in Colorado

Posted at 00:00h in Marijuana

As many of you who follow me and/or this tax blog know I have been actively tracking a handful of select medical marijuana dispensaries in Colorado who have been denied the opportunity to deduct ordinary and necessary business expenses by the IRS when arriving at...

10 Feb Trafficking under IRC § 280E

Posted at 00:00h in Appeals & Audit Resolution, Asset Classification, Business Expense, Cash Transaction, COGS, IRS Mediation, Marijuana, Net Operating Loss, NOL, Tax Abuse, Tax Court, Tax Guidance & Preparation, Tax Problems & Requests

The Internal Revenue Code is a complex beast. Â In the lunacy of it all I've been asked to define 'trafficking' as it relates toÂ 26 USC Â§ 280E - Expenditures in connection with the illegal sale of drugsÂ whichÂ states as follows: "No deduction or credit shall be allowed...

17 Aug IRS and Medical Marijuana Dispensaries – Olive v. Commissioner

Posted at 00:00h in Marijuana

Dispensary owners now finally have some precedent to follow in arriving at federal taxable income. In Olive v. Comm'r, 139 T.C. No. 2 (8/2/12), Mr. Martin Olive the owner of an operation called the Vapor Room was required to prove among other things that he...

17 Jan IRS Stakeholder Liaison Meeting Summary – Denver January 2012

Posted at 00:00h in Business Expense, Colorado Department of Revenue, Intent To Levy, Intent To Lien, International Tax, IRA, IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, IRS Transcript, Marijuana, Medical Expenses, Offshore account, PTIN, Retirement

Attached is the summary of the IRS Stakeholder Liaison Meeting I attended on January 4th 2012 in Denver, Colorado as produced by Deborah Rodgers of the IRS. Some interesting insights were revisited. The most provocative discussion surrounded the comments made by Matthew Houtsma of District...

05 Jan IRS Implications for Medical Marijuana Dispensaries Update

Posted at 00:00h in Marijuana

I was at the IRS Practitioner Liaison Meeting yesterday morning in downtown Denver where local IRS officials in positions of authority presented operational updates. In regards to medical marijuana dispensaries Matthew Houtsma, acting Associate Area Council spoke. I found his words intriguingly worth a blog...

11 Oct IRS Treatment of Marijuana Dispensary Expenses

Posted at 00:00h in Business Expense, Business Income, Cost Segregation, Deductible Expense, Marijuana

If you are in the business of dispensing marijuana according to the United States Office of Homeland Security you are selling an illegal drug not a medicine like many individual states believe. Nevertheless Internal Revenue CodeÂ IRC 280(E)Â states that the expenses associated with selling illegal drugs...

Marijuana

13 Oct Marijuana Taxation: Beck v. Commissioner & Excise Tax Paid

26 Jan Marijuana Dispensary Income Tax Guidance Update: IRS Memo 201504011

14 Nov The Intersection of ‘Trafficking under IRC 280(E)’ & Cost of Goods Sold (COGS) Relevant to Taxable Income for Marijuana Distributors in Colorado

10 Feb Trafficking under IRC § 280E

17 Aug IRS and Medical Marijuana Dispensaries – Olive v. Commissioner

17 Jan IRS Stakeholder Liaison Meeting Summary – Denver January 2012

05 Jan IRS Implications for Medical Marijuana Dispensaries Update

11 Oct IRS Treatment of Marijuana Dispensary Expenses

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