Are Cash Transactions over $10,000 in the Weed Industry a Problem with the IRS? – Tax Agency Says No, Just Fill Out Form 8300
March 27, 2024
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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.