IRS Abates Tax Penalties Against Denver Pot Dispensary

Law360, New York (March 20, 2015, 1:40 PM EDT) -- The Internal Revenue Service has agreed to abate some $30,000 in penalties against Denver marijuana dispensary Allgreens LLC for not paying estimated taxes through the electronic federal tax payment system because it couldn't get a bank account, an attorney for Allgreens' confirmed Friday.

The IRS will also refund penalties Allgreens already paid under the two parties' agreement, which was worked out the week of March 9, according to Rachel K. Gillette, who is representing the company in suits against the agency on the issue in the U.S. Tax Court. Gillette said her client was paying estimated taxes on time by toting...

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