Worried about high state excise taxes and the effect of 280E, the marijuana industry has been harping for an overhaul of the tax system. The Legislature might abide, it seems.More
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An advisory council to the Internal Revenue Service recommended in a report last week that the agency allow tax professionals to work with marijuana businesses in compliance with state law. The council suggested the IRS publish guidance to “promptly clarify that a tax professional will not be considered unethical, will not be targeted for audit, and will…More
We’re about a month and a half into marijuana sales, but readers still have plenty of questions about pot. Here’s our take on few: Q: I want to know how oil availability will work in Washington? Will companies like Open Vape or Ionic be able to sell pre-filled oil in stores now? Or does the pot used…More
For marijuana businesses, Wednesday was the first deadline to pay their tax obligations to the Liquor Control Board. Pot businesses owed the state about $750,000 for July excise taxes, according to Liquor Control Board spokesman Brian Smith. Over the past several days, many have come to the Liquor Control Board’s offices to settle up. With limited access to banking services,…More
With just a handful of stores opened and supply short, the state will still pull in $148,256 of excise taxes from sales on Tuesday, Wednesday and Thursday, according to figures provided by the Liquor Control Board. That number reflects sales throughout the supply chain, including those from suppliers to retailers but does not account for sales tax or business and occupation…More
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