Tax Tip 2019-49: Here’s what people should know about reporting cash payments

 

IRS Tax Tips April 29, 2019

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Issue Number:    Tax Tip 2019-49 Here's what people should know about reporting cash payments Federal law requires a person to report cash transactions of more than $10,000 to the IRS. Here are some facts about reporting these payments. Who's covered For purposes of cash payments, a "person" is defined as an individual, company, corporation, partnership, association, trust or estate. For example: Dealers of jewelry, furniture, boats, aircraft, automobiles, art, rugs and antiques Pawnbrokers Attorneys Real estate brokers Insurance companies Travel agencies How to report People report the payment by filing Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. A person can file Form 8300 electronically using the Financial Crimes Enforcement Network's BSA E-Filing System. E-filing is free, quick and secure. Filers will receive an electronic acknowledgement of each form they file. Those who prefer to mail Form 8300 can send it to the IRS at the address listed on the form. What's cash Cash includes coins and currency of the United States or any foreign country. For some transactions, it's also a cashier's check, bank draft, traveler's check or money order with a face amount of $10,000 or less. A person must report cash of more than $10,000 they received: In one lump sum In two or more related payments within 24 hours As part of a single transaction within 12 months As part of two or more related transactions within 12 months When to file A person must file Form 8300 within 15 days after the date they received the cash. If they receive payments toward a single transaction or two or more related transactions, they file when the total amount paid exceeds $10,000. More information: Publication 1544, Reporting Cash Payments of Over $10,000 IRS Form 8300 Reference Guide Guidance for the Insurance Industry on Filing Form 8300 Form 8300 and Reporting Cash Payments of Over $10,000 Fact sheet: Cash payment report helps government combat money laundering Share this tip on social media -- #IRSTaxTip: Here's what people should know about reporting cash payments. https://go.usa.gov/xmkkR Back to Top         Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

 

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