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
MSP Flint post commander rigging promotion exams says lawsuit
Ex-Flint Michigan State Police post commander sued by trooper following internal probeThe former commander of the Michigan State Police post in Flint is alleged to have been providing answers to promotion exam questions to favored officers, while also engaging in...
Paid surrogacy no longer a crime in Michigan
Paid surrogacy no longer a crime in Michigan after Whitmer signs MI Family Protection Act into lawFor over 30 years, individuals in Michigan who sought to build a family through the assistance of a paid surrogate might have encountered potential legal repercussions,...
Why Better Made is suing several Michigan marijuana companies
Better Made vs. Cannabis Companies: A Michigan Trademark DisputeSummary Better Made, is embroiled in a legal battle with over a dozen cannabis businesses in the state. The lawsuit, filed in March 2024, centers on allegations of trademark infringement. Better Made...
John Sinclair, the inspiration for Ann Arbor’s Hash Bash, dead at 82
John Sinclair, the poet whose imprisonment for marijuana inspired the start of Ann Arbor’s long-running annual Hash Bash in the 1970s, has died. He was 82.Sinclair's passing occurred on Tuesday, April 2, 2024, at a Detroit hospital, merely four days prior to his...
More Posts
Seattle settles case involving – the rights of nature
The Rights of NatureSeattle settled a lawsuit brought by the Sauk-Suiattle Tribe on behalf of salmon harmed by dams on the Skagit River. This is one of the first...
NY judge fines unlicensed cannabis shops $15 million
It's their corner now“This punishment should serve as a clear warning for all unlicensed cannabis stores in the state: we will enforce the law and shut down your...
When Cannabis Businesses Are No Longer Subject to IRS 280E
IRS 280E and Cannabis BusinessesWhat is IRS Section 280E? Section 280E of the Internal Revenue Code restricts businesses from deducting typical business expenses from...
Vehicle Forfeiture in Canada – The Process of Taking
Thank You... and have a nice day eh!Disclaimer: We are not Attorneys in Canada. This is an article of information obtained from various sources and presented here. We...
Boating in Michigan on Alcohol and Drugs – It’s Illegal
If it's got a motor, it's a BUIWe got lakes, we got boats, we got alcohol, we got cannabis all the fun you can possibly find on a holiday weekend in the summer. Just...
Alcohol, Drugs, Kayaking – It could be a problem
Can I drink alcohol and smoke cannabis if I'm canoeing or kayaking or tubing or paddleboarding or just floating around?While Michigan law doesn't explicitly forbid...
Michigan Workers Right to Protest – Can They Force a Change in Business Strategy?
Michigan Workers and the Right to Protest: Can They Force a Change in Business Strategy?The ever-evolving economic landscape can create friction between Michigan...
THC Associated with Increase of Survival Time in Palliative Cancer
Summary from the official government website (Link Below)The Use of Tetrahydrocannabinol Is Associated with an Increase in Survival Time in Palliative Cancer Patients:...
Justice Department Submits Proposal to Reschedule Marijuana
Proposed Rule Seeks to Move Marijuana from Schedule I to Schedule III, Emphasizing its Currently Accepted Medical Use in Treatment in the United StatesThe Justice...
Bloomfield Hills Doctor Convicted of $6M Medicare Fraud Scheme
JUSTICE.GOVFor Immediate Release Office of Public AffairsA federal jury convicted a Michigan doctor today for causing the submission of over $6.3 million in fraudulent...
