Following The Money
Large cash transactions by marijuana businesses should not be automatically flagged as suspicious, as per the latest IRS guidance.
The tax agency’s guidance aims to provide clarity on the federal Bank Secrecy Act, which mandates businesses, including banks, to submit Form 8300 within 15 days if they receive $10,000 or more in cash.
Those forms enable the filer to categorize a transaction as “suspicious,” providing vital information for investigation by the IRS and the Financial Crimes Enforcement Network (FinCEN) into potential criminal activity.
But classifying a cash transaction from a legitimate cannabis enterprise as suspicious in a defensive manner is a misuse of that designation,” cautioned IRS Special Counsel Charles Hall in a memorandum dated January 22nd.
Links to the IRS Releases
Related Articles
Michigan Problem-Solving Courts Granted Nearly $19 Million
"Data show these programs strengthen communities by reducing crime, boosting employment"LANSING, MI, October 24, 2024 (Substance Abuse Prevention Month) – The Michigan Supreme Court announces that the State Court Administrative Office (SCAO) has awarded $18,823,910...
Michigan House Bill 5451 of 2024
Michigan House Bill 5451 of 2024: A Step Toward "Safer Communities"Michigan House Bill 5451, introduced by Representative Sharon MacDonell in February 2024, aims to enhance firearm safety in homes with children. The bill mandates that the Department of Health and...
Michigan House Bill 5450 of 2024
Step by StepMichigan House Bill 5450 of 2024 is a bill that was introduced by Representative Sharon MacDonell on February 14, 2024. The bill was referred to the House Committee on Education and was reported with a recommendation with a substitute on May 14, 2024. The...
Cambridge Analytica data breach comes before court
Oral arguments in Facebook v. Amalgamated Bank will beginThe justices are set to review securities law as they hear arguments in a significant case linked to the 2015 data breach involving Cambridge Analytica and Facebook. The tech giant’s effort to fend off federal...
More Posts
Feeling Bullied? Here’s Michigan’s Anti Bullying Laws.
Michigan Anti-Bullying Laws & Policies Components of State Anti-Bullying Laws and Regulations How are bullying and cyberbullying defined in Michigan anti-bullying...
Former 3M scientist who made unsettling PFAS discovery says bosses deceived her
Gee - What a surprise... When a former 3M scientist discovered the company’s chemicals were in human blood in the general population, she says her bosses misled her to...
Drones – What Drones?
Jersey cops launched into the night sky with catapults to throw dreamcatchers at the unknown drones to entangle their props and bring em down! Just kidding - I...
Cash For Kids Judge Pardoned (The Kickback Club)
Biden’s commutation for Judge in ‘kids for cash’ scandal should anger the entire universe.Biden’s commutation in ‘kids for cash’ scandal. BY MICHAEL RUBINKAMUpdated...
How Much Does It Cost To Hire a Criminal Defense Attorney?
Don't do the crime - if you can't pay the price.Average Flat Fees. Some criminal defense attorneys charge a flat fee for certain types of cases, instead of billing by...
What do you do when you are pulled over for suspected DUI?
If you are pulled over for suspected drunk driving you are probably going to be arrested. The less you say - the better off you are in the long run. If you find...
Trump plans – How does Cannabis Business fit in?
You work hard. Now get ready to work harder to prepare to give more.President Biden's administration has proposed the reclassification of marijuana from a Schedule I...
When Can Police Take Your Dash Cam?
You work hard. Now get ready to work harder to prepare to give more.In Michigan, police can take your dashcam footage in specific situations, primarily when they...
People who are going to need a Lawyer – November 12, 2024
People who are going to need a LawyerMan so drunk field sobriety tests were ‘too dangerous’ sentenced to life in prison for repeated DWI convictions‘Several terabytes’:...
Cambridge Analytica data breach comes before court
Oral arguments in Facebook v. Amalgamated Bank will beginThe justices are set to review securities law as they hear arguments in a significant case linked to the 2015...
