Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
DENVER (AP) — 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
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
