IRS Hosted Forum On Cryptocurrency and Cannabis Tax, North Carolina Takes Action On Revised Bill

The Internal Revenue Service (IRS) on Wednesday hosted a forum dedicated to tax policy for marijuana businesses and cryptocurrency. The seminar, which was presented by a representative of the National Association of Tax Professionals (NATP), examined issues such as allowable tax deductions while cannabis remains federally illegal and how different states approach taxing marijuana. It also covered issues related to paying taxes on earnings in Bitcoin and other forms of digital currency. During the IRS Nationwide Tax Forum panel, there was also a discussion about the growing public support for cannabis legalization and the prospects of federal reform.