![]() ![]() ![]() If the same payer makes two or more transactions totaling more than $10,000 in a 24-hour period, the business must treat the transactions as one transaction and report the payments. The law also requires that businesses report related transactions occurring within a 24-hour period. The Internal Revenue Service reminded businesses that they must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, when they engage in cash transactions in excess of $10,000.Įxamples of businesses that may have to file Form 8300 include those that sell jewelry, furniture, boats, aircraft, or automobiles, as well as those that are pawnbrokers, attorneys, real estate brokers, insurance companies and travel agencies. But depositing $9,500 with the “purpose of evading the currency transaction reporting requirement" is a crime called structuring. ![]()
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