Large cash business transactions must be reported to the IRS

Description

Abstract: When businesses receive large amounts of cash or cash equivalents, they may be required to report these transactions to the IRS. Specifically, a payment of more than $10,000 cash in one or more related transactions must be reported on a specific form. Although not all large cash payments are problematic, the goal is to help thwart illegal activities by making the source of the cash traceable.