the republic logo

Pot dispensary that can't find bank fined by IRS for not using bank transfer to pay some taxes

bug
Share/Save/Bookmark

DENVER — The IRS isn't backing off its demand that a Denver medical marijuana dispensary pay fines for not paying some taxes electronically, even though it can't find a bank to handle its business.

The Denver Post reported Monday (http://tinyurl.com/q2zecfv) an IRS appeals officer told Allgreens LLC it faces a penalty for paying employee withholding taxes in cash instead of electronically.

It wasn't immediately clear how big the fines were.

The IRS requires employers to pay the withholding tax by electronic transfer from a bank. Other dispensaries are in the same bind, but Allgreens was the first to challenge the policy in U.S. Tax Court.

Allgreens' lawyer has filed new court documents saying the decision violates the IRS' own rules and is unfair to medical marijuana businesses.


Information from: The Denver Post, http://www.denverpost.com

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


All content copyright ©2015 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.