Every year hundreds of thousands of new businesses enter the marketplace. New businesses face many challenges to achieve success. One such challenge is taxes. The way in which a business addresses tax issues can make a critical difference in its ultimate success or failure. Each year the IRS discusses important tax-related issues for new companies. Here are four of the most important tax-related issues, as cited by the IRS:
Half of all states and the District of Columbia have legalized the use or sale of marijuana, either for medicinal purposes or in some cases recreational and medicinal purposes. Despite these changes to state laws, marijuana is still classified as a Schedule I drug under federal law. This tension between state and federal laws has created serious and perhaps unintended tax consequences for marijuana dispensaries.