MJ Biz Article: 10 tips to help your marijuana business survive an IRS audit

Editor’s note: This story is part of a recurring series of commentaries from professionals connected to the cannabis industry. Michael Sampson is a partner at Pittsburgh-based Leech Tishman Fuscaldo & Lampl, where he co-chairs the law firm’s Cannabis Group. Alexander Gase is an associate in the firm’s Corporate Practice Group.)

Make no mistake, the U.S. Internal Revenue Service plays to win. And cannabis companies need to prepare accordingly if they hope to survive federal tax scrutiny.

The IRS, according to MJBizDaily, “has been training its agents for … years in the finer details of auditing marijuana companies.”

Recently released IRS documents, which were obtained by MJBizDaily, show that “the IRS has studied and refined its methods for examining marijuana industry tax returns ….”

Among those documents is a cannabis industry-related “Participant Guide,” which at least one other tax attorney has labeled the IRS’ “playbook.”

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