New IRS Audits in Colorado Worry Cannabis Companies

New IRS Audits in Colorado Worry Cannabis Companies

July 12, 2016 | 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.

New IRS Audits in Colorado Worry Cannabis Companies






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