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Cash Reporting Requirements

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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.

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