Are we finally getting somewhere? Cannabis Industry Cash Is Not Necessarily ‘Suspicious,’ IRS Says In New Guidance Memo

Marijuana Moment writes

The Internal Revenue Service (IRS) has issued a new memo clarifying the rules for reporting large cash payments between marijuana businesses, which the agency says should not automatically be considered “suspicious” just because of the federally prohibited nature of the industry.

In the memo, IRS says it is responding to a request for guidance on how cannabis businesses should approach Form 8300, a document that must be completed when a company receives a cash payment of $10,000 or more.

“The memorandum provides guidance on many of these issues in a question-and-answer format,” Charles Hall, special counsel with IRS, said. “We are working on additional guidance on questions related to cash couriers/armored cars who transport cash between growers/manufacturers and dispensaries/sellers.”

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Hopefully this is another increment towards  proper banking for the sector