On January 23, the IRS released Chief Counsel Memorandum 201504011, which sheds light on how taxpayers trafficking in controlled substances, such as marijuana, determine costs of goods sold (also known as “COGS”), and if the IRS can require taxpayers trafficking in controlled substances to change their method of accounting for costs if the taxpayer currently […]
READ MOREIRS Memo Addresses Limits to Deductions for Marijuana Businesses
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