Marijuana News: IRS to Take a Closer Look at Colorado Pot Businesses

30 pot businesses in the state are facing IRS audits

By William White, InvestorPlace Writer

https://investorplace.com/?p=773574

There may be bad marijuana news for Colorado pot businesses.

Marijuana News, Colorado, IRSA recent report from Marijuana Business Daily claims that the IRS is targeting pot businesses in Colorado over Form 8300, which is required of businesses that pull in more than $10,000 a year in cash. The agency has already audited 30 pot businesses in the state.

According to the marijuana news report, the IRS has been asking questions about how often marijuana plants are harvested and how many they have. It’s believed the agency is looking for fraud and money laundering.

It’s possible that these audits could extend to other states that allow for recreational marijuana use. This includes Alaska, Oregon and Washington.

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