New audits by the Internal Revenue Service have left cannabis companies in Colorado worried and frightened. In recent investigations, the IRS has inspected large cash transactions of numerous Colorado cannabis companies.
The audits are based on Form 8300, which includes reporting cash payments received of over $10,000. In other words, the IRS has been cracking down on potential money laundering cases.
“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 told MJBizDaily.com.
As the audits continue to spread across and beyond Colorado, it is crucial to have a tax attorney by your side. Don’t fight the IRS alone! Call Tax Defense Partners at 800-830-7777 for a free consultation.
Our team at Tax Defense Partners (TDP) has been in the industry for almost 20 years – we specialize in tax defense and tax controversy. We help people with all types of tax problems, including personal and business. We also specialize in the Cannabis industry.