Bankless Cannabis Businesses Being Fined By The IRS For Paying Taxes In Cash

Bankless Cannabis Businesses Being Fined By The IRS For Paying Taxes In Cash | frugal-460x240 | Business Economy & Business

In a catch-22 so nice, they’re getting screwed twice, legal cannabis businesses who already have issues getting denied bank accounts by financial institutions are now getting hit with a 10% penalty on federal employee withholding taxes. The IRS requires businesses to pay these quarterly taxes via bank wire, but since banks are still skittish about working with cannabis businesses, these companies are forced to pay their taxes with cash. The result is an unbelievably vicious cycle where a legal cannabis business is being repeatedly punished for nothing more than working in an industry that’s still inexplicably stigmatized despite rapid progress and shifting public opinion.

Hat tip to The Denver Post for the story.

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