“Even as more states embrace legal marijuana, shops say they are being forced to pay crippling federal income taxes because of a decades-old law. The tax rule, an obscure provision referred to as 280E, catches many marijuana entrepreneurs by surprise, often in the form of an audit notice from the I.R.S. [..] This year, Allgreens, a marijuana shop in Colorado, successfully challenged an I.R.S. policy that imposed about $30,000 in penalties for paying its payroll taxes in cash — common in an industry in which businesses rely on armed guards and cash-stuffed safes because they cannot get bank accounts.”
Related posts:
China Shows How to Destroy a Market
Is your webcam spying on you?
Why Cash Costs the U.S. Economy Real Money
NATO: No Sign Russian Troops Are Pulling Back From Ukraine
Web inventor warns governments: Internet has no off switch
UN-backed Somalia government reintroduces taxes after 23 years
Ford's Trade-In: Truck to Use Aluminum in Place of Steel
Son of legendary Chinese Communist military leader apologizes for Cultural Revolution
Sleeping Bag Coat for the Homeless Finds Fans in the Fashion World
Scientists create ‘superbrain’ by connecting thoughts of two rats
Rand Paul: Syria lacks security connection
Angela Merkel denied access to her NSA file
Obama Sees ObamaCare as Legacy Too Worthy to Resist
Asia, not North America, now has most millionaires
Bitcoin supporters promise banking 'revolution'