12 July 2016
Without a doubt something to keep an eye on….
Here’s what they are saying
The Internal Revenue Service has begun probing the large cash transactions of dozens of Colorado marijuana companies, sparking uncertainty and unease among cannabis entrepreneurs.
The audits – focusing on Form 8300 – have raised the specter of money laundering charges. But legal experts are divided over whether such fears are overblown.
“It’s not necessarily something that a marijuana business has to freak out about. All cash-intensive industries are subject to Form 8300 filing requirements,” Colorado attorney Rachel Gillette, who has already settled multiple Form 8300 audits, said.
Others aren’t so sanguine, including one business owner who is used to dealing with the IRS over issues such as 280E. The IRS is examining his company’s failure to file Form 8300, which involves reporting cash payments received of more than $10,000.
Read full report at http://mjbizdaily.com/new-irs-audits-colorado-worry-cannabis-companies/