Medical cannabis business owners may pay their tax liability to the California State Board of Equalization in cash.
The payers need to secure a seller’s permit from the BOE and submit a written request. BOE district offices will work with cannabis operators, whether they are legitimate medical cannabis distributors or underground sellers who wish to come out of the shadows, to establish a recurring schedule for cash payment, according to the BOE.
The BOE has been in the business of auditing, investigating and accommodating cash businesses for decades, according to the branch of government.
“Ever since gangster Al Capone was brought down in 1931, not for organizing the Saint Valentine’s Day Massacre of his gang’s rivals but for tax evasion, criminals have been pretty creative in complying with state and federal tax laws, avoiding tax fraud charges, and protecting their due process and appeals rights under the law,” BOE Chairman Jerome Horton said in a statement.
The BOE will help medical cannabis business operators pay their tax liability by eliminating the need to bring in large amounts of cash, assisting them in registering their business under their DBA s, and accepting personal checks as payment for their tax liability, according to Horton.
Horton will host two events in Los Angeles to facilitate compliance in the medical cannabis industry: a Medical Cannabis Telephone Town Hall on Aug. 18 from 3 p.m. to 4 p.m., and a Medical Cannabis Business Seminar on Sept. 9 from 1 p.m. to 3 p.m.
Both events are open to the public.
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