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IRS Reminds Firms Of Transaction Disclosure Rules

by Mike Godfrey, Tax-News.com, Washington

26 May 2015


The US Internal Revenue Service has reminded businesses in US territories, including individuals who are sole proprietors, that they must report cash transactions of more than USD10,000 received in a trade or business.

Under current rules, businesses that receive more than USD10,000 in a transaction or in two or more related transactions in any US possession or territory must file Form 8300 with the IRS. Possessions and territories include American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, and the US Virgin Islands. This requirement is in addition to any filing obligation the business may also have with US territory tax authorities under similar territory rules, including under a US territorial mirror income tax code.

Examples 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.

Cash includes the coins and currency of the United States as well as foreign currency, cashier's checks, bank drafts, traveler's checks, and money orders. The law also requires that businesses report related transactions occurring within a 24-hour period. If the same payer makes two or more transactions totaling more than USD10,000 in a 24-hour period, the business must treat the transactions as one transaction and report the payments.

TAGS: individuals | tax | small business | business | proprietors | Northern Mariana Islands | law | individuals in business | Samoa | Virgin Islands | Internal Revenue Service (IRS) | Puerto Rico | United States | currency | Guam

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