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
Making terrorist threat or false report of terrorism is free speech?
Making terrorist threat or false report of terrorism is free speech?The US Constitution and Michigan Constitution prohibit the government from making laws that abridge the freedom of speech Summary In the case of People of the State of Michigan v. Michael Joseph...
Qualifying for a Public Defender in Michigan
In Michigan, individuals charged with a crime have the constitutional right to legal representation.In Michigan, individuals charged with a crime have the constitutional right to legal representation. For those unable to afford a private attorney, the state provides...
Earned Sick Time Act – 2025 New Laws in Effect for Michigan
Some laws in effect in 2025 "Enacted by the People of Michigan" Here we go...remember these laws can change at any moment because that's what the politicians do that you don't.Earned Sick Time Act Because everyone is sick...sometimes Read more on your own time.AN ACT...
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...
More Posts
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...
Search and Seizure – Consent or Plain view
The Fourth Amendment was established to protect individuals from unreasonable searches and seizures, yet there are exceptions.In Michigan, understanding the concepts of...
