Categories: aggregated

Are Cash Transactions over $10,000 in the Weed Industry a Problem with the IRS? – Tax Agency Says No, Just Fill Out Form 8300

The memo addresses inquiries regarding Form 8300, a mandatory document for cannabis businesses receiving cash payments exceeding $10,000. Charles Hall, special counsel at the IRS, stated, “The memorandum offers insights into various concerns through a question-and-answer format.” He added that the IRS is actively developing further guidance, particularly concerning cash transportation between growers/manufacturers and dispensaries/sellers via couriers or armored vehicles.

Jason

Share
Published by
Jason

Recent Posts

The Grinch Stole SAFE Banking from the Cannabis Industry This Christmas, Yet Again!

As of December 2024, it has become official: the current Congress will not provide any…

17 hours ago

What Federally Illegal Drug Has Created Almost $10 Billion in Sales Tax Revenue for States in the Last 40 Months?

In a significant development for the burgeoning cannabis industry, the U.S. Census Bureau has reported…

3 days ago

Are MSOs Just Big Pharma on Steriods? – Anti-Pot Florida Governor Says Large Cannabis Companies are Just Drug Companies Part 2

The ongoing debate over cannabis legalization in Florida reflects broader national trends regarding marijuana policy.…

4 days ago

2024’s cannabis award-winners and where to buy them

Shop the winners near you. The post 2024’s cannabis award-winners and where to buy them…

5 days ago

What are Mushroom Drops? – A Guide to Mushroom Tinctures and Extracts

Mushroom drops, often referred to as mushroom tinctures or extracts, have gained significant popularity in…

5 days ago