Nevada May be Missing Out on Pot Revenue Due to Poor Bookkeeping

Legislative auditors say poor bookkeeping and a lack of oversight of the legal marijuana industry suggest the state is losing potential tax revenue. Auditors found that data from many cultivators’ and dispensaries’ tax returns didn’t match with inventory tracking data, according to a report in the Las Vegas Review Journal. The audit report said that means the Department of Taxation isn’t able to verify the businesses’ tax returns and that those “did not always appear to be correct.” The audit report says the state collected about $70 million of marijuana excise taxes during the 2018 fiscal year and that a sampling of returns suggested “a potential unpaid tax liability of over $500,000” during a six-month period.