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New Irs Tax Guidance For Cannabis Biz (newsletter: September 14, 2020)

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VA & VT marijuana expungements advance; NM gov: cannabis can fund Medicaid; NE 2022 ballot push begins; DC legalization protects man in fed court

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Austin Cromer: “I subscribed to know when Iowa is finally gonna legalize cannabis as I am a current cannabis activist.” Join us at https://www.patreon.com/marijuanamoment / TOP THINGS TO KNOW The Internal Revenue Service released a new memo on marijuana industry tax issues, including making payments with large sums of cash. The move seems to be in response to a Treasury Department inspector general’s report from earlier this year that slammed the agency for not having cannabis-specific guidance. Virginia’s House of Delegates and Senate both approved bills to help people expunge prior marijuana convictions. This comes after both chambers also cleared legislation to stop police from conducting searches or seizing property based on the smell of cannabis alone. The Vermont House of Representatives advanced a bill providing for expungements of marijuana convictions and letting people grow and possess more cannabis without the threat of jail time than is currently allowed.

Source: https://www.marijuanamoment.net/new-irs-tax-guidance-for-cannabis-biz-newsletter-september-14-2020/

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