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
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 theft of over 1,000 pounds of marijuana from 305 Farms, a corporate cannabis grower in West Michigan,...
Nuclear waste headed to southeast Michigan landfill
What happened to the nuclear waste from the Manhattan Project? It's coming to Michigan so New York can be a cleaner place.August 2024, the U.S. Army Corps of Engineers is transporting nuclear waste from the Manhattan Project (Read it) to the Wayne Disposal facility in...
Michigan Appeals Court Decision on Cannabis Use and Probation
Michigan Court of Appeals - Recreational Cannabis Use and ProbationRecently, another pivotal case, People v. Lopez-Hernandez, was decided by the Michigan Court of AppealsAt Komorn Law, we are dedicated to protecting the rights of our clients and staying at the...
Facial Recognition and Wrongful Arrests
Facial RecognitionHow Technology Can Lead to Mistaken-Identity Arrests Facial recognition technology has become increasingly prevalent in law enforcement, but its use raises critical questions about civil liberties and accuracy. One landmark case sheds light on the...
More Posts
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...
The search being challenged was triggered by the odor of cannabis
The case People of Michigan v. Freddie Wilkins III (No. 367209) revolves around a legal challenge regarding the search of a vehicle without a warrant.Police conducted a...
Carrying a Concealed Weapon in Michigan
Carrying a concealed weapon (CCW) in Michigan without proper authorization is a crime.Carrying a concealed weapon (CCW) in Michigan without proper authorization can...
MI Supreme Court Declines to Intervene in Public Records Dispute
Michigan Supreme Court Declines to Intervene in Public Records DisputeTeachers Union and School District at Odds Over Data AccessThe Michigan Supreme Court recently...
Felony Firearm Possession in Michigan
Felony Firearm Possession in Michigan.In Michigan, the laws surrounding firearms are strict, especially when it comes to felony firearm possession. If you’re charged...
Do the passengers in your vehicle have 4th Amendment Rights?
Do Passengers in your vehicle have 4th Amendment Rights against Search and Seizure?Passengers in a vehicle are afforded Fourth Amendment protections against...
Probable Cause v Reasonable Suspicion
What's the difference between probable cause and reasonable suspicion?Definition of Probable Cause Probable cause refers to the belief held by a reasonable person that...
Are there exceptions that justify warrantless searches?
Exceptions to your 4th Amendment Rights against Search and Seizure (more to come).The Fourth Amendment of the U.S. Constitution safeguards citizens by prohibiting...
Warrantless Searches in Michigan
I don't need a warrant for that...In Michigan, as in the rest of the United States, the Fourth Amendment of the fading Constitution provides individuals with protection...
One of Michigan’s Top DUI Attorneys
We aggressively defend all aspects of traffic law, from simple civil infractions to more serious alcohol and drug-related offenses. Don't wait till the last second to...
