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Cash reporting: it's not just for bankers

December 03, 2009

You usually think of bankers when you think of the requirements to report large tax payments to the Treasury. It's a common issue for bankers, but the cash reporting rules apply to all businesses, as TaxGrrrl points out:

You file a form 8300 any time that you receive cash in the amount of $10,000 or more from a single source as part of one transaction or a series of related transactions during the course of business. Cash would include bills and coins from any country, a cashier’s check, bank draft, traveler’s check, or money order. Personal or business checks are not considered cash.

The fine for willful failure to file the form starts at $25,000, which makes it a pretty expensive form to skip.