Treasury Secretary Steven Mnuchin said that the IRS faces “significant problems” due to the cash-only nature of the cannabis industry and urged lawmakers to address the issue “one way or another.” During his testimony to the House Appropriations subcommittee, Mnuchin didn’t take a stance on the issue of cannabis banking at large but said the […]
Last year the IRS received around $4.7 billion in taxes from cannabis businesses in the United States. And the vast majority of those payments were made with cash, since around 70 percent of U.S. cannabis companies don’t have access to banks which are required to pay either electronically or through check. Apparently, cash payments are a huge […]
The IRS says it is following the law by not allowing the 2,500 medical marijuana dispensaries in the country, who pay taxes to local, state and federal governments, the same federal tax breaks that other small businesses can claim. Although 20 states and D.C. have legalized medical marijuana, the IRS still applies federal tax code […]