IRS goes green: Hashing out payments from the marijuana industry

Recognizing the cash problem that faces not only the marijuana industry, but millions of unbanked individual taxpayers, the IRS is dipping its toes into more cash payment options.

Is there such a problem as having too much cash? The marijuana industry says yes.

Because the industry is largely unbanked, it conducts most of its dealings in hard currency; and while the IRS is mandated to take tax payments in any form of legal tender, the high volume of cash coming in from taxed cannabis sales has proven difficult for the agency to handle.

Take the 800 active dispensaries and countless other marijuana-related businesses like growers and distributors in California alone: Most, if not all, want to pay their taxes today, but are having a hard time doing so.

Read More at AccountingToday.com