New IRS Audits in Colorado Worry Cannabis Companies

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By John Schroyer

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

New IRS Audits in Colorado Worry Cannabis Companies is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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