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Knowing when to report cash transactions in businesses to the IRS

Posted by kftaxaccounting2014 on May 28, 2015 in Uncategorized | 4 comments

Are you a business owner that receives $10,000 or more on cash transactions?If you answer yes or you know someone that does, then this is for you.

The IRS has made it compulsory for United State Territory business owner that receives $10,000 or more in cash transactions from clients/customers to file Form 8300 and the form has to be filed within 15 days of the transaction.If you are a business owner in any of the United State territory which includes American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico and the U.S. Virgin Islands, then you have to file Form 8300 and other  filing obligation your business may have with the United State tax authority.

Also if any of your client/customers pays twice within 24 hrs and the total amount sums up to be $10,000 or more,then then the transaction should be treated as one and be reported too.

If you are into the business of jewelry,furniture,boats,aircraft,automobiles, pawnbrokers, attorneys, real estate brokers, insurance companies and travel agencies,then you may have to file Form 8300.

Lastly, you should know that  cash includes United State currency and coins,money orders,traveler’s checks,bank drafts,cashier’s check,and other foreign currency received in the US.



Do you need clarity on any of your business tax filing obligations?Come and see us the tax experts for your business tax related issues.

Director, Tax and Accounting
Tax Accountant specialized in Tax Accounting, IRS Representation & Resolution of Complex Tax Matters, Individual and Corporate Tax planning, and Tax Advisory Services.

Specialties: Tax Resolution, Tax Planning, Financial Planning and Analysis, Budget Management, Payroll Management, Cost Management and Optimization, SAP, Oracle, Hyperion, PeopleSoft

4 Responses to Knowing when to report cash transactions in businesses to the IRS

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    • kftaxaccounting2014 says:


      Thank you and please visit our site often to keep up with tax related topics.

      KF Tax & Financials P.C.

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