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Hawaii Form 8300: What You Should Know
For businesses that provide medical cannabis, if you receive cash from one of your customers, you need to report that cash receipt to the government. You can report the cash receipt on Form 8300. For larger cannabis businesses that receive cash from multiple customers, or that have numerous dispensaries, cannabis cash from multiple dispensaries is probably too large to report on Form 8300 without risking an audit. Some tips for reporting your cash on Form 8300: For cash payments of 50 or less, the IRS requires an “electronic record” with the reporting method of payment (such as an e-File). You can create an electronic record without filing a form. For cash payments of 10 or more, the IRS mandates that an electronic record of the cash transaction is being kept by the business. You may use Form 8300, Report of Cash Payments Over 10,000. If your filing system does not yet support electronic records, you will need to create one. If the amount of cash received is less than 10, the filing system must return the original Form 8300, along with a Form 8300A, with accompanying supporting documentation, for each of your customers (the names of all customer accounts are included on the forms). You don't need an auditor (but you should consult an IRS tax professional if you have questions). IRS Form 8300 requirements FAQ: Cannabis Cash Reporting Dec. 5, 2024 — Businesses may be required to pay additional cash reporting fees. Form 8500. (Rev. August 2018) Note: Form 8500 is no longer in use. IRS Form 8500 Tracking Spreadsheet IRS Form 8500 Tracking Spreadsheet. Individual's First and Last Name. Individual's. The transaction. Occurred. Amount of. Form 8500 Tracking Spreadsheet Mail this form the Department of the Treasury, Bureau of the Fiscal Service, Office of the Commissioner for Tax Administration (including Hawaii and Hawaii-dependent businesses). Illinois Cannabis Cash Guidelines (Alphabetical Listing) Business Name. Employee's last name. Financial Accounts. Check or money order Cash Received. Business Address. Business Telephone Number. Cash Received. Tax Year. Cash Received. Business Address. Business Telephone Number. Cash Received. Tax Year. Cash Received. Business, Address. Business Telephone Number. Cash Received. Cash Transaction. (Including amount and date). Payment Date. Cash Transaction.
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