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US: "Cannabis business safer if they could pay taxes electronically"

The head of the Internal Revenue Service (IRS) told Congress this week that the federal agency would “prefer” for state-legal marijuana businesses to be able to pay taxes electronically, as the current largely cash-based system under federal cannabis prohibition is onerous and presents risks to workers.

During an oversight hearing before the House Appropriations Financial Services and General Government Subcommittee on Tuesday, IRS Commissioner Charles Rettig was asked about the lack of banking access for marijuana businesses and what steps could be done to normalize the market.

“It’s a security issue for the IRS. It’s a security issue for our employees in our taxpayer assistance centers, which is actually where we receive these payments,” he said. “We created special facilities in the tax to receive the payments. Then we similarly have to transport the payments themselves.”

"Money is fungible. We have to receive it. We don’t make a determination as to what is or is not legal, but the tax payments do come in and we would rather have direct deposits if we could,” the commissioner said.

Read the complete article at www.marijuanamoment.net.


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