Janet Yellen Says 'Of Course' Cannabis Companies Banking Their Billions Would Help The IRS

When Colorado Congressman Ed Perlmutter of the House Financial Services Committee asked Treasury Secretary Janet Yellen on Wednesday if she agreed that giving cannabis companies access to US banks would facilitate tax collection by the IRS, she replied “Yes, of course it would.” 

No one doubts that the IRS would also love to have the cannabis industry’s billion-dollar revenue streaming into its coffers. U.S. banks would likely be delighted to get in on the action as well.

But, how to do that? Here’s a start, at least from the point of view of the banks, some of whom are lobbying lawmakers to support the Secure and Fair Enforcement (SAFE) Banking Actwhich is intended to create protections and to enable financial institutions that provide banking services to legitimate cannabis-related businesses.

In a recent move to push the envelope a bit, the American Bankers Association, Union National Association, United Food and Commercial Workers Union (UFCW), wrote a letter to the Senate leadership imploring them to allow legitimate cannabis businesses access to banking services.  The hope, the group says, is to pass marijuana banking reform as part of this year’s National Defense Authorization Act (NDAA).

Even though the sale or use of marijuana is legal to some degree in 47 states and Washington, D.C., it's still illegal on the federal level. In states where cannabis is fully legal, financial institutions that accept weed-earned cash can face federal charges, which forces cannabis growers, distributors and retailers to perform their transactions in cash.

“If you really wanted to create an industry that’s dependent on gangs and cartels, make it all cash. It’s almost like the system that is there now is oriented towards promoting things that we don’t want,” said Sen. John Hickenlooper (D-Colo.), speaking at The Hill's Regulating Cannabis event.

“If you de-schedule it, banks can start banking it so it’s no longer a cash business. There are multiple negative consequences of having it be a cash business. One is that businesses themselves can’t get loans.” Hickenlooper told The Hill.

Rep. Nancy Mace (R-S.C.), who voted for the SAFE Banking Act and is one of few Republicans in Congress in favor of decriminalizing marijuana, introduced legislation to federally decriminalize and tax marijuana in mid-November.

“There’s nothing really controversial about cannabis except for here in Washington where you have some members who are afraid of it, or afraid to touch it. It shouldn’t be that way,” Mace said.

“We’re funding the cartels by having all cash businesses,” Mace added, reiterating the notion expressed by Hickenlooper. “It’s dangerous.”

Meanwhile, the Internal Revenue Service is clearly chomping at the bit.

In October, the IRS provided some useful suggestions to cannabis businesses in the form of a seminar presented by the National Association of Tax Professionals for cannabis companies in which they learned that all income from any source is taxable. The IRS also set up a new website last year to tax state-compliant cannabis dispensaries. 

Photo: Karolina Grabowska from Pexels

Posted In: IRSJanet Yellin. John HickenlooperNancy Mace. SAFE Banking ActCannabisGovernmentNewsRegulationsPoliticsLegalEconomicsMarketsMediaGeneral

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11 Best Black Friday Deals on Amazon

11 Best Black Friday Deals on Amazon

The best Black Friday deals from Amazon are still coming hard and fast because the holiday is not yet upon us and the mega-retailer prefers to keep consumers on the hook for as long as possible—spending as much money as possible. 

To that end, here are some of the best Black Friday deals from Amazon that you might want to consider today.

Calphalon 10-Piece Pots and Pans Set

Regular Price: $172

Sale Price: $138.88

Calphalon’s 10-Piece Pots and Pans Set is designed with stainless steel, stay-cool handles along with pour spouts. The nonstick surface is PFOA-free and built with hard-anodized aluminum that is both durable and conducts heat extremely well. The set includes 2 fry pans, a sauce pan with cover, saute pan with cover and large stock pot with cover.

Apple AirPods 2nd Generation

Regular Price: $144

Sale Price: $85.49

The 2nd Generation AirPods from Apple connect to all Apple devices and give you an enhanced listening experience. Plus, they come with a case that keeps them safe and allows you to charge them in a secure environment. With over 24 hours of battery life, access to Siri and easy setup, you can start listening to your favorite tunes or podcasts today.

Adidas Ultraboost 21 Running Shoes

Regular Price: $129.98

Sale Price: $89.98

The Adidas Women’s Ultraboost 21 running shoe is perfect for anyone who likes a short run, maybe a 5K, half marathon or more. Coming in several colors and styles, you can slip these shoes on, enjoy the cushioned outsole, sink into the supple insole and secure laces.

Ninja AF101 Air Fryer

Regular Price: $129.99

Sale Price: $97.83

The Ninja AF101 Air Fryer allows you to crisp, roast, reheat and even dehydrate food products faster and cheaper than ever before. It has a 4-quart capacity and offers a wide temperature range along with several time settings so that you can customize each dish to your needs. Plus, all the parts are dishwasher safe.

Beats Solo3 Wireless On-Ear Headphones

Regular Price: $199.95

Sale Price: $99

Beats by Dr. Dre are among the best headphones on the market, and the Solo3 Wireless On-Ear Headphones include the Apple W1 chip, Class 1 Bluetooth and 40 hours of battery time. These headphones even have a built-in microphone and offer an adjustable fit so that you can be comfortable whether you’re listening to an Android or iOS device.

Hoover Power Scrub Deluxe Carpet Cleaner

Regular Price: $198.98

Sale Price: $175.98

The Hoover Power Scrub Deluxe Carpet Cleaner allows you to keep your home spotless and clean up after your pets. The cleaner comes with the Hoover Paws and Claws Deep shampoo and a storage mat to keep the floor dry once it’s put away.

LG CordZero Auto Empty Cordless Stick Vacuum

Regular Price: $999.00

Sale Price: $851.71

The LG CordZero Auto Empty Cordless Stick Vacuum and Wet Mop All in One Tower is designed to work in homes with several pets or children and clean up all the messes that life brings. The battery lasts up to 2 hours, and there’s an extra removable battery that gives you even more cleaning time and power.

Breville Fresh and Furious Blender

Regular Price: $278.60

Sale Price: $199.95

Breville, a top name in blenders and juicers, offers the Fresh and Furious Blender, featuring 50-ounce capacity, Vac Q technology, pre-programmed cycles, LCD display and lid with pull ring. With the Fresh and Furious Blender, you can make everything from a smoothie to a soup and everything in between.

Hot Tools Professional 2000 Turbo Ionic Hair Dryer

Regular Price: $89.99

Sale Price: $55.63

The Hot Tools Professional 2000 Turbo Ionic Hair Dryer is designed for professional use, but it works perfectly in the home. With 1875 watts of power, 6 heat and speed settings and a lightweight design, you can easily style your hair and utilize the diffuser, cut back on the frizz and stretch the 8 ft cord for maximum functionality.

Columbia Heavenly Long Hooded Jacket

Regular Price: $160

Sale Price: $97.38

The Heavenly Long Hooded Jacket from Columbia is designed to be light for everyday use, but it’s heavy enough to protect you from the cold. The plush fleece lining, security pocket, water resistant fabric, 2-way zipper, and zippered hand pockets make the jacket both protective and functional.

ConAir InfinitiPro Hair Dryer

Regular Price: $49.99

Sale Price: $29.99

ConAir is one of the biggest names in hair and beauty, and the InfinitPro is an 1875 watt hair dryer designed for professionals with ceramic technology. The dryer comes with a diffuser and concentrator, and it allows you to blow out your hair just the way they would at the salon.

Deals the Experts Are Hoping For

Experts believe that Amazon’s Black Friday sale could linger for quite some time. It all started with the Prime Early Access sale on October 11 and 12. Previously, Amazon has offered the “Epic Deals” sale that ran through late October. 

This is to say that any sale could come up at any time. 

Even so, those monitoring Amazon are looking forward to a few potential deals, including:

  • Apple Watch
  • AirPods (any generation)
  • MacBook Pro
  • Large, underpriced TVs
  • Amazon Echo
  • More small home appliances (Dyson or Shark vacuums, Instant Pots, etc.) 

While these predictions are based on last year’s Amazon Black Friday Sale, it’s important to remember that most Black Friday sales are fairly consistent and push the products that are most likely to sell.

 

Featured image sourced from Shutterstock

Posted In: Partner ContentGeneral