A licensed marijuana business in Colorado filed a Petition in the United States Tax Court asking it to review the IRS’ determination to not abate failure to deposit tax penalties assessed against that business.
The marijuana business had employees and, as such, was required to electronically make its federal tax deposits. Because of the nature of its business, it was unable to secure a bank account which made it impossible to make its federal tax deposit payments electronically as required.
The United States Tax Court is currently considering the licensed marijuana business’ request for relief.
Setting aside the type of business in which the taxpayer is engaged, what do you think?