IRS not high on medical marijuana company (wnd)

Admin   februari 18, 2015   Geen reacties

In a government version of Catch-22, a Denver medical marijuana dispensary was told “tough luck” and is being penalized by the Internal Revenue Service for not paying certain taxes electronically, as required by federal tax law.

An IRS appeals officer told Allgreens LLC not being able to get a bank account is no excuse for not paying employee withholding taxes electronically. The dispensary has tried to get a bank account for at least two years.

Allgreens had a bank account — and paid its withholding taxes electronically — until mid-2012, when the bank closed the account. Allgreens has been unable to locate a new bank that will take its business. As a result, the company has been assessed a 10 percent penalty every quarter of the tax cycle.

That Allgreens “cannot secure a bank account due to current banking laws is not considered reasonable cause to abate the penalty,” an IRS hearing officer ruled in denying the dispensary’s request to waive the 10 percent penalty.
Read more 

Geef een reactie

Het e-mailadres wordt niet gepubliceerd. Verplichte velden zijn gemarkeerd met *

De volgende HTML-tags en -attributen zijn toegestaan: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>