No one ever said the marijuana business was going to be easy, and when it comes to handling finances, the complications have been many.
But if the add a 10 percent penalty to payments made in cash — the only practical option for an industry that is essentially shunned by banks? Why not waive the requirement?
The problem came to light when Allgreens, a medical marijuana dispensary in Denver, filed a petition in U.S. Tax Court protesting the practice of requiring use of a bank wire to pay taxes.
The problem is, Allgreens and other pot businesses don’t have bank accounts because of federal laws that to accommodate them.
Allgreens claims the IRS alternatives, which funnel payments through a third party, are tantamount to money laundering.
That may be a stretch, but it’s important to note the options likely would involve extra fees that would serve as a de facto penalty.
If the federal government expects marijuana businesses to play by their rules, the least it could do is .
