When Do You Report Cash Payments Over $10,000?
40 Cayman Financial Review 48 (2015)
2 Pages Posted: 3 Sep 2015 Last revised: 3 Oct 2015
Date Written: September 1, 2015
The IRS recently reminded businesses in U.S. territories that they are subject to the rules requiring the reporting of cash payments over $10,000 on Form 8300 (IR-2015-81). Yet, this reminder leaves those who do business in the United States and its territories no clearer about how the law applies to them and what legal obligations they might have to the U.S. government. This article attempts to clarify the rather complex U.S. laws requiring people to file Forms 8300 by offering a brief recount of the key provisions.
Keywords: banking, Form 8300, report cash, tax
JEL Classification: F30, H2, E5, G2, G21, F3
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