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Cannabis Cos’ $4.7B In Cash-Based Taxes Overwhelm IRS

Source: pymnts.com - Nov 15, 2018

The Internal Revenue Service (IRS) is paying $1.7 million to a Virginia company to handle “large cash payments for processing cannabis federal taxes.”

According to Quartz, the U.S. government collected approximately $4.7 billion in taxes last year on nearly $13 billion in revenue from legal cannabis companies. Most of these companies were forced to pay their federal taxes in cash because about 70 percent of all legal cannabis businesses are unbanked.

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Category: General Business