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
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 search and seizure, particularly regarding consent and plain view, is crucial for both law...
A drunk driving investigation, a car wreck and a blood draw
A Case Summary: People v. Blake Anthony-William BartonOn October 11, 2024, the Michigan Court of Appeals issued a decision in the case People of the State of Michigan v. Blake Anthony-William Barton. The case involved a drunk driving investigation following a car...
Police say they can tell if you are too high to drive
Police say they can tell if you are too high to drive. Critics call it ‘utter nonsense’Haley Butler-Moore sped up to pass a semi on the highway when she suddenly saw the police lights. She’d left Albuquerque hours earlier, heading to a Halloween party in Denver. Tired...
A secured and safe vote thanks to new laws in Michigan
Governor Whitmer Signs Historic Election Bills Package to Ensure Every Vote Can be Cast and CountedIn Case You Missed It November 30, 2023 “Today, we are expanding voting rights and strengthening our democracy,” said Governor Whitmer. “Michiganders spoke clearly last...
More Posts
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...
A drunk driving investigation, a car wreck and a blood draw
A Case Summary: People v. Blake Anthony-William BartonOn October 11, 2024, the Michigan Court of Appeals issued a decision in the case People of the State of Michigan...
Police say they can tell if you are too high to drive
Police say they can tell if you are too high to drive. Critics call it ‘utter nonsense’Haley Butler-Moore sped up to pass a semi on the highway when she suddenly saw...
Cannabis – The Rise and Fall and Trail of Survivors Pile Up
Thieves make off with 1,000 pounds of premium flower in cannabis from a corporate grower in Michigan. Then, the GM sells off 650+ pounds to pay employees.The recent...
If you have an LLC you must comply or face fines and possible prison
You work hard. Now get ready to work harder to prepare to give more.If you own or are a member of an LLC.You have a deadline of January 1, 2025Call us we can take care...
Compounding Charges Laws in Michigan
Understanding Compounding Charges Laws in Michigan Compounding charges refer to the illegal act of accepting or agreeing to accept a benefit in exchange for not...
Harris unveils new proposals targeting black men with cannabis legalization
"Harris unveils new proposals targeting Black men as she looks to shore up Democratic coalition" CNNAmid the ongoing national issues, Vice President Kamala Harris...
Cleary becomes latest US law firm to add non-equity partners
See you in the Home Depot lot.Oct 10, 2024 (Reuters) Cleary Gottlieb Steen & Hamilton will create a new category of non-equity partners, becoming the latest major...
MI Court of Appeals – MRTMA defense denied dismissal
Does the Michigan Regulation and Taxation of Marihuana Act protect you in all Marijuana scenarios?The Conflict The central issue in this interlocutory appeal is whether...
The “Automobile Exception” in Michigan law
The "automobile exception" in Michigan law allows police to search a vehicle without a warrant if they have probable cause to believe it contains evidence of a...
