Jump to content

Cash Reporting Requirements

Newsletter Signup

Newsletter Signup

Please enter your name and email address below to sign up for our newsletters.

IRC Sec. 6050l(a) requires businesses receiving more than $10,000 in cash in one transaction (or two or more related transactions) to file Form 8300 (Report of Cash Payments Over $10,000 Received in a Trade or Business) within 15 days. According to IRS emailed advice, the related transactions test depends on whether the same payor and payee exchange currency within a 24-hour period. A business receiving more than one cash payment for related transactions must report the multiple payments once the total amount received exceeds $10,000 in cash within a 12-month period.

© Copyright 2005 - 2018 The Phillips Organization. All rights reserved.