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To change its method of accounting, a taxpayer must receive consent from the IRS and should provide evidence showing the change in business activity, so that the IRS can confirm that the change in method of accounting will accurately reflect income.
 
While it remains illegal to buy and sell cannabis under the federal Controlled Substances Act, the IRS collects income taxes from cannabis businesses, which largely operate under various state laws. By selling a Schedule I controlled substance, cannabis businesses are largely restricted from claiming business expense deductions and certain costs of goods sold (COGS) to reduce their tax liability. Failing to properly report and pay income tax can lead to hefty penalties, so it is important for cannabis business owners to be aware of Internal Revenue Code (IRC) provisions and IRS regulations that impact the reporting of cannabis-related income and expenses. ....

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