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Tax payments by marijuana businesses

January 25, 2017 • Regina Brown • Log In to Post Comments

I took your 1/17 Webinar titled Taxation of Marijuan After Prop 64.  It was very informative, however, it did not answer the following questions:

I understand that IRS accepts tax payments in cash although 10% penalty may apply, how does EDD handles it?

And does IRS still applies the penalty after they agreed to refund it to that Denver dispensary?

Thank you


Comments

For EDD you may make a cash payment and there should not be a penalty. If there are 10 or more employees, you must request a waiver from the penalty and they will grant it. I am not sure if the IRS is still issuing penalties but if so, I believe they will abate the penalty.

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